NBA player Malik Beasley under investigation for sports betting faces a long list of financial troubles
In the world of professional basketball, Malik Beasley, a former Detroit Pistons player, is currently facing a storm of legal and financial challenges. The U.S. Attorney's Office for the Eastern District of New York is leading an 18-month investigation into Beasley's alleged involvement in wire fraud, gambling, and illegal prop betting during his time with the Milwaukee Bucks in the 2023-2024 season.
The focus of the investigation is on unusually heavy betting interest in Beasley's statistics starting in January 2024, which caught the attention of prominent U.S. sportsbooks. However, it is important to note that Beasley has not been charged with any crimes yet, and he is entitled to the presumption of innocence.
The investigation has had significant implications for Beasley's career. The Detroit Pistons, who were ready to sign him to a three-year, $42 million deal, have put the contract offer on hold due to the ongoing investigation.
Beyond the legal issues, Beasley also faces financial struggles totaling more than $8 million, according to reports. One of the most notable financial obligations involves a lawsuit by Hazan Sports Management Group Inc., who sued Beasley for failing to repay a $650,000 cash advance meant for marketing revenue from using his name.
Beasley's financial management has been a topic of discussion, with his lawyer, Steve Haney, distancing himself from the decisions. Haney stated that many of the lenders Beasley has worked with are predatory and charge extremely high interest rates and outrageous fees that border on usury.
This is not the first time Beasley has faced financial troubles. In 2022, he was sued by South River Capital, LLC, a company that loans money to professional athletes, and a $5.8 million judgment was won against him. He has also had legal disputes with other companies, including the David Stott Building in Detroit, Cairo Cuts, a celebrity barbershop in Milwaukee, and Dr. Hassan Alshehabi, owner of the Delicate Smiles dental practice in Glendale, a Milwaukee suburb.
The investigation into Beasley's possible connection to suspicious betting is ongoing. It is a reminder of the importance of transparency and integrity in sports, and the consequences that can arise when these values are compromised. As the investigation unfolds, it will be crucial to maintain a factual and objective approach to reporting on this complex and evolving situation.
- Despite the ongoing investigation into Beasley's alleged involvement in gambling and wire fraud, he has not been charged with any crimes, ensuring he remains entitled to the presumption of innocence.
- The Detroit Pistons, initially planning to sign Beasley to a lucrative three-year, $42 million deal, have temporarily suspended the contract offer due to the ongoing legal and financial challenges.
- Aside from the legal issues, Beasley also grapples with personal-finance problems, as various reports suggest he owes more than $8 million, including a lawsuit by Hazan Sports Management Group Inc. for an unpaid $650,000 cash advance.
- In the general-news sphere, Beasley's financial management, including the саses of predatory lenders, has become a topic of discussion within the personal-finance and sports-betting realms, given his history of legal disputes and judgments totaling millions.
