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Athletes Hire Him When They Think They’ve Been Swindled - Sports and Entertainment Law News

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Sports and Entertainment Law News

Posted on: Jun 6, 2019

From the Washington Post:

Chase Carlson wasn’t looking for work. He found it anyway. It was a Saturday night in January, and Carlson, an investment fraud lawyer from Miami, was attending the Pegasus World Cup, a horse race held north of the city. One of the world’s most lucrative races, the Pegasus doubles as a giant party — the Kentucky Derby meets South Beach, with velvet rope VIPs like Bella Thorne and a closing concert from Snoop Dogg. Wearing a sport coat and purposefully gaudy purple pants, Carlson was in a festive mood.

But then he ran into a friend, an agent for National Football League players. The agent had a problem. One of his former clients had lost money in a Ponzi scheme involving Jinesh “Hodge” Brahmbhatt, a Washington-area financial adviser who reportedly managed money for more than 70 professional athletes, including former Redskins running back Clinton Portis, before being barred from the industry in 2013. The brokerage firm behind the scheme subsequently was ordered to pay nearly $14 million in restitution to investors, most of them athletes. Brahmbhatt himself was fined and sanctioned by federal regulators in 2018.

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