Lonzo Ball cuts ties with Big Baller Brand co-owner after $1.5M goes missing, report says

By Thomas Lott 23 March 2019 230
Lonzo Ball cuts ties with Big Baller Brand co-owner after $1.5M goes missing, report says

Lakers guard Lonzo Ball has severed ties with Big Baller Brand co-owner Alan Foster over a missing $1.5 million, according to ESPN.

Ball told ESPN that Foster — who owns 16.3 percent of Big Baller Brand — "used his access to my business and personal finances to enrich himself."

The missing money roots back to October 2018 when BBB's financial advisor Humble Lukanga of Life Line Financial Group sent an email detailing the absent funds.

In the email Lukanga outlined how he had been in contact with Foster about locating the money and certain expenses, but he "won't show any invoices or documentation of these expenses," the email read.

"He won't even give me the number to the vendors he says he paid. I'VE NEVER SEEN A COMPANY OPERATE BY WITHDRAWING MILLIONS IN CASH ... Only you and Alan can withdraw cash and I know you didn't take out $1.5 million dollars ... SO WHERE IS THE MONEY???"

Foster was expected to give ESPN a comment but repeated attempts to reach him garnered no response.​

Foster became friends with the Ball family after his son came to know Ball through basketball. They started developing a relationship soon after Foster was released from jail for mail. He was sentenced to seven years in prison when he pleaded guilty to one count of mail fraud and two counts of money laundering as part of a scheme that defrauded 70 investors of $4 million, according to federal court records obtained by ESPN.

LaVar Ball declined to comment when ESPN contacted him for the story, but he did release a statement.

"I've always believed in the best in people. Regretfully, I put my complete trust in Alan Foster to manage my son's business affairs," LaVar Ball said. "At the end of the day, family comes first, and I support Zo wholeheartedly. Together, we will make this right."

Lonzo Ball owns 51 percent of Big Baller Brand while LaVar Ball owns 16.4 percent, Foster owns 16.3 percent and Lonzo Ball's mother also has 16.3 percent.

He is averaging 9.9 points, 5.3 rebounds and 5.4 assists for the Lakers this season, but is likely done for the year with an injury.

 

About Author

Thomas Lott

Comment