Former Badger RB Michael Bennett sentenced to 5 years in prison

BleedGopher

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The Badgers have had a decent number of former RBs spend time in prison. Per the link:

A former Raiders running back was sentenced Wednesday to five years in state prison after pleading no contest to felonies including burglary and identity theft.

Michael Antwon Bennett, 38, was sentenced for charges related to a 2015 incident in which he fraudulently took out $225,000 worth of loans in the name of his girlfriend’s parents, according to the Sonoma County district attorney’s office.

Bennett, a first-round pick by the Vikings in 2001 who also played for the Chiefs, Bucs and Chargers in his 10-year career, was living on his girlfriend’s parents property in 2015 when he broke into their home and stole documents he then used to steal their identities, the district attorney’s office said in a statement.

Bennett used the documents to take out loans against the value of his girlfriend’s parents home in their names, according to prosecutors. At the time, he was already on probation for a Florida wire fraud incident.

http://www.sfgate.com/bayarea/article/Former-Raiders-running-back-sentenced-to-5-years-11171740.php

Go Gophers!!
 


He signed a 5 year 6.2 million deal as a rookie with the Vikes then a 2 year 3 million deal with the chiefs and he played for several other teams. Hard to believe one can blow through that in just a few years. Way too many stories like this

He also was implicated in a crime back in 2012...not sure if he did time.
 

He signed a 5 year 6.2 million deal as a rookie with the Vikes then a 2 year 3 million deal with the chiefs and he played for several other teams. Hard to believe one can blow through that in just a few years. Way too many stories like this

He also was implicated in a crime back in 2012...not sure if he did time.

It really is shocking.

They're adults so you can't take it from them, but you almost wish a chunk was forcibly set aside into some sort of trust for them that pays out a bit at a time so that if they ever hit hard times but the are willing to get back on track there would be that support.

Some NBA player did a great story about money a while back on NPR. He knew jack **** about money but his agent hooked him up with a good financal adviser. Basically he gets a weekly allowance from his advisor ... outside that if he wants to go on trips or buy a car or house he has to call his advisor. He still got to do lots of stuff and spend, just within a framework.

He had grown up dirt poor and he said he was super frustrated by the advisor early on despite having a great house and cars. He said something like "I didn't even know what a thousand dollars even was or what you could do with a thousand dollars, it was just a number." I think he said his mom saved the day and told him to stick with it. Later on a few years into his NBA career he figured out he could do all that stuff, without also spending it all. Good story.
 

He signed a 5 year 6.2 million deal as a rookie with the Vikes then a 2 year 3 million deal with the chiefs and he played for several other teams. Hard to believe one can blow through that in just a few years. Way too many stories like this

He also was implicated in a crime back in 2012...not sure if he did time.

75%+ of all NFL players get in serious financial trouble within two years of retiring. A little lower in NBA. Scary.

https://en.wikipedia.org/wiki/Personal_finances_of_professional_American_athletes
 



If you listen to him articulate, you wonder how he even got through school?

When you hear people speak throughout the US you almost know that they didn't get or take advantage of the education offered them.
 


What happened to all his money from the NFL?

I remember when he played for the Vikings there was a story in the news about the pimped out SUVs that he and Dante Culpepper had. One of Bennett's had around 5 TVs in it. You knew right then that the money would be gone in a very short time. I do not feel sorry for him at all. Mostly because he played at Wisconsin.
 



It really is shocking.

They're adults so you can't take it from them, but you almost wish a chunk was forcibly set aside into some sort of trust for them that pays out a bit at a time so that if they ever hit hard times but the are willing to get back on track there would be that support.

Some NBA player did a great story about money a while back on NPR. He knew jack **** about money but his agent hooked him up with a good financal adviser. Basically he gets a weekly allowance from his advisor ... outside that if he wants to go on trips or buy a car or house he has to call his advisor. He still got to do lots of stuff and spend, just within a framework.

He had grown up dirt poor and he said he was super frustrated by the advisor early on despite having a great house and cars. He said something like "I didn't even know what a thousand dollars even was or what you could do with a thousand dollars, it was just a number." I think he said his mom saved the day and told him to stick with it. Later on a few years into his NBA career he figured out he could do all that stuff, without also spending it all. Good story.

Isn't it Gronkowski who claims he hasn't spent a dime of his current contract? He just lives off of endorsements and saves the rest.
 

I've no doubt some of the time the financial advisors are embezzling the money, advising shady deals involving kickbacks, or the "financial advisors" involve cousin Eddie types that don't know the first thing about investing and buy lakefront property on the Salton Sea at the height of a historic housing bubble.
 

I've no doubt some of the time the financial advisors are embezzling the money, advising shady deals involving kickbacks, or the "financial advisors" involve cousin Eddie types that don't know the first thing about investing and buy lakefront property on the Salton Sea at the height of a historic housing bubble.

So you don't trust any advisors because of a few?


Sent from my iPhone using Tapatalk
 

I didn't say that. There have been instances. That said I'm very wary of who I take advice from. Some of these young kids are probably not mathematically or financially-minded enough to know what's going on with their money. They might be better off throwing the whole kitty into Vanguard and have a robo-advisor manage it. That statement ought to bring out the fangs.
 



They might be better off throwing the whole kitty into Vanguard and have a robo-advisor manage it. That statement ought to bring out the fangs.

From someone deep within that world - you are not wrong (investment management has become a commodity, value of a human advisor is managing behavioral biases).
 

When reading about these things and watching the 30 for 30 they did on athletes losing their money the common theme seemed to be friends and especially family that either mooched or flat out stole from them.

Bad investments or purchases aren't good for your wealth, but at least you are left with something of a tangible value. Drugs and gambling were also a theme and with those you are left with nothing.
 

I didn't say that. There have been instances. That said I'm very wary of who I take advice from. Some of these young kids are probably not mathematically or financially-minded enough to know what's going on with their money. They might be better off throwing the whole kitty into Vanguard and have a robo-advisor manage it. That statement ought to bring out the fangs.

Madoff comes to mind...

Didn't he have an outside chance of making the Olympics as well?
 

When reading about these things and watching the 30 for 30 they did on athletes losing their money the common theme seemed to be friends and especially family that either mooched or flat out stole from them.

Bad investments or purchases aren't good for your wealth, but at least you are left with something of a tangible value. Drugs and gambling were also a theme and with those you are left with nothing.

That 30 for 30 is one of their best ones. It's called "Broke" or something like that. It's just fascinating to see how many professional athletes are broke within 5 years of their retirement, and the various ways they blew through all of their cash. Many players they interviewed never had any idea how much money was actually in their account, which is terrifying to think about. They just left it to their "advisers" and kept spending. It's gotta take some serious guts to go on a documentary like that and tell everyone what an idiot you were with tens of millions of dollars.
 

That 30 for 30 is one of their best ones. It's called "Broke" or something like that. It's just fascinating to see how many professional athletes are broke within 5 years of their retirement, and the various ways they blew through all of their cash. Many players they interviewed never had any idea how much money was actually in their account, which is terrifying to think about. They just left it to their "advisers" and kept spending. It's gotta take some serious guts to go on a documentary like that and tell everyone what an idiot you were with tens of millions of dollars.

I remember many of them lost a lot of money from bad investments with friends. They'd supply the money so their buddy could open up a restaurant. Of course it went belly up because money isn't the only thing you need to run a successful business.
 





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