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Multiple Pro Athletes Swindled Out of Millions

The U.S. Securities and Exchange Commission announced today that Louis Martin Blazer III, founder of Blazer Capital Management, has been ordered “to pay nearly $2 million in fines. The former Pittsburgh financial adviser was accused of embezzling $2.35 million from investment accounts of pro athletes and other wealthy clients to invest in movies. When his ploy was discovered, Blazer III made “Ponzi-like payments” and lied to SEC examiners about taking money from five clients, at least two of which who were professional athletes, from 2010 and 2012. This is not Blazer’s first settlement or lawsuit; he settled a case in 2012 in which retired NFL running back Kevan Barlow sought compensatory damages upwards of $4 million and punitive damages of $12 million for “misappropriated, mismanaged, squandered, and/or stole[n] millions (of dollars)”; in 2014, New Jersey-based First Choice Bank sued Blazer for a number of unpaid loans taken out in 2011 by athletes, including former Pitt basketball standout DeJuan Blair, former Cleveland Browns wide receiver Greg Little, and former NFL running back Anthony Allen. Blazer has not been a registered financial adviser since 2012.