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Scottie Pippen’s Financial Advisor Jailed for Fraud

Scottie Pippen’s Financial Advisor Jailed for Fraud

Scottie needs a new money manager. | Jonathan Daniel

The financial advisor for NBA legend and former Chicago Bull Scottie Pippen has been sentenced to three years in jail for fraud, including forging Pippen’s name on a $1.4 million personal loan, according to the Chicago Tribune. Pippen, who invested about $20 million with Robert Lunn, did so on advice of the team and only found out about the fraud later on from his accountant. Pippen’s investment was just part of about $3 million in loans Lunn illegally obtained from Leaders Bank. In addition to Pippen, Lunn also victimized venture capitalist Robert Geras in the scheme, according to court documents. Lunn, who worked at Morgan Stanley and Lehman Brothers before forming his own advisory firm in Chicago in the 1990s, is required to forfeit $2.7 million and pay $1.5 million in restitution, including $400,000 to Pippen, on top of his prison sentence. 


Orion Opens Up to Alternatives

A partnership has formed.

Gemini Alternative Funds has formed a new partnership with Orion Advisor Services to launch the “Galaxy Plus Managed Account Platform” app within Orion Connect. The Galaxy Plus MAP connects qualified investors with alternative strategies from multiple trading managers. The firm said the options would be inside a fixed-fee structure, would invest in only liquid securities and with full transparency. By providing access to a variety of pooled investment products, Orion president and CEO Eric Clarke said the Gemini Alt app will help advisors better manage more aspects of their business through Orion’s portfolio accounting software.


Your Brand Here

Get your own swag.

Any advisor can get their firm name and logo on tee-shirts, pens and tote bags using sites like Barefoot Promotions or MadeToOrder. But now Dynasty Financial Partners’ advisors have access to their own swag on their desktop. Dynasty has launched the Dynasty Network Swag Store, where the firm’s 35 RIAs can order things like sweatshirts, canvas bags, pens, golf clubs and baby gifts with their firm’s logo. The items can be purchased as a one-off or in bulk, and are intended to be used for client and firm events, conferences and gifts. The store is part of the firm’s Dynasty Experience initiative, aimed at providing marketing support through client events, sporting activities and peer-to-peer regional conferences.


Why Millennials Aren’t Saving

Make a budget and stick to it. | Joe Raedle/Getty Images

Millennials say saving money is their top priority for the coming year, even ahead of living a healthy lifestyle, paying off debt and losing weight, according to a recent survey by The American Institute of CPAs and the Ad Council. But 41 percent said they had less than $100 in their checking account. What’s keeping them from putting more away? Eighty-four percent blame their current salary, 81 percent cite too many bills, and 79 percent have trouble paying down debt. Impulse buying (defined as making an unplanned purchase of $30 or more on a daily or weekly basis) was an issue for 65 percent. “While low salaries and high debt levels can certainly be barriers to saving, the key is to create a budget and stick to it,” said Gregory Anton, chair of the AICPA’s National CPA Financial Literacy Commission. “Establishing a disciplined saving strategy early in life and avoiding missteps will reap substantial long-term dividends.”


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