Friday, February 20, 2009

Damon, Nady Caught up in Financial Scandal

When you invest money, you are investing your faith in a person(s) to handle it. For those mixed up with Bernie Madoff (such as the Wilpon Family) or Robert Stanford, financial ruin is certainly a possibility.

Johnny Damon and Xavier Nady find themselves in the latter group, having monies handled by Stanford. The Texas based financier is accused of defrauding investors to the tune of $8 billion. While they don't expect to be in the poor house, the two are worried.

The Yankees outfielder told Fox Sports that their salaries are frozen while the investigation takes place.

"I can't pay bills right now," Damon said at the Yankees' spring training facility in Tampa. "That started on Tuesday. I had to pay a trainer for working out during the off-season. I told him, 'Just hold on for a little bit and hopefully all this stuff gets resolved.'"

Nady faces similar concerns.

"I'm affected in some ways. I have the same (advisor) as Johnny," Nady said. "He said I didn't have money with Stanford (investments). But all my credit card accounts are frozen right now because of that situation. I'm trying to get an apartment in New York. I can't put a credit card down to hold it."

Financial advisors for both players said the matter should be resolved in a few days.

No comments:

Post a Comment