01 Angel-Pagan_MI

1. Former MLB Outfielder Angel Pagán

Early this year, a Financial Industry Regulatory Authority panel in San Juan, Puerto Rico, ordered Merrill Lynch to pay Angel Pagán and his wife, Windy Pagán, more than $2 million after a rep at the firm invested the couple's money in unsuitable Puerto Rico municipal bonds and closed-end bond funds. Alex Gierbolini, the Merrill rep who served as the couple's advisor, was not a party in the dispute, but was named in the award statement. Angel Pagán last played for the San Francisco Giants, starting in 2012 and retiring after the 2016 season.

(Photo: Wikimedia Commons)
When an advisor convicted in 2015 of bilking National Hockey League players and others of at least $30 million was sentenced in October to 17 years in prison, it provided a reminder that professional athletes are all too often the victims of unscrupulous financial advisors and scammers posing as financial advisors. BenefitsPRO's sister site ThinkAdvisor named the advisor, Phillip A. Kenner, one of the 12 worst financial advisors in America for 2015. Check out the gallery above to see 15 pro athletes who have been scammed by advisors (and by people impersonating advisors).
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Jeff Berman

Jeff joined the ThinkAdvisor team as a staff reporter in July 2019. Before joining ThinkAdvisor, he was a freelance reporter for five years, covering mainly technology, business, media and entertainment news for publications including The Miami Herald, Newsday, TheStreet.com, Long Island Press and multiple American City Business Journals websites. He also reported for several consumer electronics publications and was a technology reporter for publications of the Media & Entertainment Services Alliance. Prior to that, he worked as a reporter and editor for Consumer Electronics Daily and other Warren Communications News publications for 15 years. He graduated with an MA in journalism from New York University.