News >> Browse Articles >> Controversies and Scandals


Top 10 Athletes Who Should Have Hired a Good Accountant

Steve Berman, LedgerLink

4. Scottie Pippen

Scottie Pippen was known not only for being Michael Jordan’s sidekick with those Chicago Bulls championship teams of the 1990’s, but also for having a tremendously high basketball IQ. While Pippen was like a coach on the floor, the six-time NBA champion could certainly have used a good accountant to coach him on the wisdom of budgetary constraints off the court.

For reportedly losing around $27 million in faulty investments, Pippen sued his investment advisor for the same amount. He won an $11 million judgment against the advisor, who subsequently filed for bankruptcy — ruining Pippen’s chances to collect.

The former Olympian also borrowed $4.375 million to purchase a Gulfstream II jet, which he planned to pay for by leasing it out when he wasn’t using it. Since fees for upkeep, fuel and pilots can be almost as expensive as a jet itself, the plane turned out to be more of a money pit than a convenient mode of transportation. Even though he made over $100 million over his playing career, Pippen stopped paying the bills on his private jet, and was later ordered to pay the debt-holder $5 million.