Fraud trial reveals Charles Barkley lost millions to investment scheme
Former NBA star and current TNT analyst Charles Barkley invested over $6 million in an investment scheme, according to AL.com.
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Barkley’s former financial advisor, Glenn Guthrie, testified during a felony fraud trial Friday, where he revealed Barkley made multiple payments totaling $6.15 million to Donald Watkins Sr.
Watkins Sr. and his son, Donald Watkins Jr., were indicted on 10 total charges in November, including seven counts of wire fraud.
Barkley believed that money was going toward a company that would soon be purchased for billions. Instead, Watkins Sr. and Jr. reportedly used that money for “personal tax obligations, personal loan payments, alimony, and clothing,” according to AL.com.
Guthrie said he was asked to make the investments for Barkley, but was instructed not to look over the documents. Guthrie made the investments because that’s the way he and Barkley typically operated.
Guthrie said Barkley called one morning said he wanted Guthrie to wire a million dollars to Watkins Sr., and that Watkins Jr. would call with wiring instructions. According to Guthrie, Barkley said “This is mine and this is my investment. I want to do it.”
Guthrie said, “Which told me that this was something I needed to do with no questions, really. That’s the way we operated.”
Barkley made payments to Watkins Sr. between 2007 and 2014. He reportedly has not received any of that money back.
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Chris Cwik is a writer for Yahoo Sports. Have a tip? Email him at christophercwik@yahoo.com or follow him on Twitter! Follow @Chris_Cwik
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