Another NBA Player Having Financial Problems: Scottie Pippen

09Jun10

During his high-flying NBA years, former Chicago Bulls star Scottie Pippen’s life was consumed by the basketball court, and money matters were entrusted to a big-league financial guru and attorneys.

But on Tuesday, Pippen took the witness stand in a downtown Chicago courtroom and talked about how lousy financial advice led to a bad $1.35 million investment in a Gulfstream jet and a $3.25 million investment in a real estate development deal in the 1700 block of West 119th Street that eventually went bankrupt.

It was the first day of testimony in Pippen’s malpractice suit against the Chicago law firm Pedersen & Houpt. Pippen alleges two attorneys there failed to closely police the jet deal that was handled by his financial adviser Robert Lunn, considered a guru by Pippen and dozens of other wealthy clients who used his services.

Pippen already has sued Lunn, who filed for bankruptcy amid lawsuits alleging he looted other clients’ investments, loaned their money to friends and associates, and lied about it. The NBA star settled for $1.5 million.

But now Pippen is seeking $8 million from the law firm that worked with Lunn on the jet deal, claiming the firm failed to make sure an inspection was done on the aircraft before Pippen sank more than a $1 million to buy a partial share of the 25-year-old jet, which ended up needing an estimated $1 million engine overhaul months after the deal closed, according to Pippen’s attorneys.

The jet deal went south when another investor defaulted — leaving Pippen alone to pay off the balance of a $5 million loan — plus default fees — for the aircraft.

Pippen said he never spoke with attorneys from Pedersen, even when terms of the deal changed, but acknowledged that during his 13 years with the NBA that he left many financial decisions up to trusted advisors.

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21 Responses to “Another NBA Player Having Financial Problems: Scottie Pippen”

  1. These lawyers and financial planners should be thrown into Jails.

  2. 2 jporter

    Great site for anyone looking for a job:

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  3. 3 Mark

    Wow- Larsa Pippen looks like such a lowlife of Housewives of Miamai. Most women would not see Scottie as husband material but Larsa looks like sh elikes the $$. Lars was a stripper working the clubs” when she found Scottie. Larsa is very unattractive and acts low life, not a very smart women.

  4. 4 Mike

    I have read that too about Mrs. Pippen. She was a private dancer and looking for $$$. She was known to date anyone. Larsa Pippen was known as a great, I’ll leave that blank. Not surprised she ended up with a baller.

  5. 5 Jennifer

    I have seen Larsa Pippen and she seems so uneducated and trashy. If she didn’t marry Scottie, she would still be working the poles. I can’t imagine what people think when she walks around so slutty with her 1/2 breeds. Larsa must have been raised in a trailor, she acts like she was.

  6. 6 Georgia

    wow, jennifer. talking about larsa and scottie is one thing. they are adults. but what kind of racist, prejudice, close minded freak are you to call her kids half breeds. and, apparently you are stupid to boot. she is assyrian-american which technically makes them tri-bred. don’t talk about children who had no choice in the matter. it shows your ignorance.

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