LaVar Ball is in a fight for his name after his former business partner accused him of embezzling over $2.5 million from the family-owned companies and exploiting his own children for personal wealth and fame.
That is according to documents obtained by The Blast that state Alan Foster is suing LaVar and alleging “he diverted and spent company money, to fund his own extravagant lifestyle.”
“According to Foster, “In early 2016, in furtherance of LaVar’s intense desire to share in, or rise above, the glory and spotlight of his sons, LaVar approached Alan and asked for his business guidance on how to monopolize and gain fortune and fame from the names and likenesses of his three sons. In response, Alan suggested that the two men brand the “Ball” family name in order to create basketball and entertainment-related businesses. LaVar loved Alan’s idea and wanted to make sure that he was the biggest star in the family, notwithstanding the fact that he was broke, had no savings, poor credit and zero business acumen.”
“LaVar is a liar who fraudulently utilized BBB and BSG to fund his personal lifestyle,” the docs state.”
Foster goes on to claim that he invested a substantial amount of his own money to launch the brands, but once the companies started making money, he accuses LaVar of misappropriating more than $2.5 million in company assets to fund his extravagant lifestyle.
“He accuses LaVar of spending millions upgrading the $6 million Ball Estate and purchasing $1 million in luxury cars.
Some of those expenditures include cars, specifically a Rolls Royce Dawn, a Bentley Mulsanne and two other vehicles.
Also, he says Ball made upgrades to his home including, artificial turf, furniture, painting the home, carpet, redoing the swimming pool, custom BBB chandeliers, a home theater and new air conditioning.”
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Earlier this year, it was Lonzo Ball who sued Alan Foster and accusing him of taking money out of the companies accounts. Foster claims that Lonzo’s father pressured him to file that suit.
In the counterclaim, Foster says, “thorough investigation into the facts behind this litigation reveals that LaVar intentionally misled Lonzo about Alan’s alleged theft of BBB funds in an effort to (a) cover up the fact that LaVar stole from, and continues to steal from, Ball Sports Group, Inc. (“BSG”) and Big Baller Brand, LLC (“BBB”), which he uses as his personal piggy banks.”
Foster is suing LaVar and Lonzo for Fraudulent Concealment, and Breach of Contract.
