Retired NBA All-Star Vincent Baker has filed a lawsuit against Donald S.
Brodeur Jr. and Connecticut-based
Brodeur & Co. Certified Public Accountants ("B&C") that accuses both parties of negligence,
misrepresentation, fraudulent transfer, breach of contract, and
breach of fiduciary duty.
According to a recent Courthouse News Service article, Baker hired Donald
S. Brodeur Jr. and B&C in 1997 – two years before Baker signed
a seven-year, $86.6 million contract with the Seattle SuperSonics. Baker
hired the firm, which advertises its "Athlete Accounting, Tax &
Advisory Services" on its website, to manage his money, investments,
and financial activities.
The Complaint alleges that despite assurances and "overt representations"
from Brodeur and B&C to Baker concerning the appropriateness and sufficiency
of their services, between 1997 and 2009, Baker "was forced to liquidate
substantial assets for little or no value, leaving him without resources
to meet his financial obligations and living expenses."
The lawsuit further alleges that nearly all of Baker’s assets were
spent or rendered virtually worthless due to the negligent and/or fraudulent
management of Brodeur and B&C. According to the Complaint, Brodeur
and B&C, through "at least five series of transactions"
breached their duties to Baker by failing to provide adequate oversight
of his accounts, by failing to provide adequate accounting and reporting,
by mismanaging his assets, and by commingling his funds with their accounts.
According to statements quoted in the Jan. 25 Courthouse News Service article,
Brodeur has asserted that both he and B&C are innocent. For additional
information, read the complete article