Kris Humphries succumbs to investment fraud on the heels of Kim Kardashian’s divorce announcement

Bradd Milove | San Diego Investment Attorneys

Fraudulent investment promoters often prey upon wealthy, young and inexperienced individuals to solicit funds.

By Bradd Milove

After a star-studded and widely televised celebrity wedding, reality TV mogul Kim Kardashian’s marriage to NBA player Kris Humphries is already on the rocks. Only several months after Humphries and Kardashian tied the knot, the media is abuzz with reports of Kardashian’s recent divorce filing. Meanwhile, Humphries received another blow to add insult to injury: according to CBS News, the former New Jersey Nets player faces several hundred thousand dollars’ worth of losses due to investment fraud – at the same time that his prenuptial agreement with Kardashian threatens to separate him from the majority of the assets accrued from their highly-publicized wedding ceremony.

Humphries, 26, has accused one-time wedding guest Andrey C. Hicks of defrauding him of his substantial investment in the supposed Locust Offshore Fund LTSD – an entity deemed almost entirely fictitious by investigators with the Securities and Exchange Commission. Hicks, who lied to Humphries and other unwitting investors by citing false credentials as a Harvard grad and employee of Barclays Capital, had promised returns of nearly 80% on the false investment; and as a result, succeeded in gathering $1.7 million from his victims.

Currently, Hicks is under arrest and facing charges of wire fraud. If convicted, he may receive up to 20 years in prison and a fine of $250,000. Investment fraud is a serious crime, and the stakes are high: however, for unscrupulous scammers like Hicks, the temptation afforded by young, rich and inexperienced investors like Humphries is enough to make the risk seem worthwhile. Together with the likes of legendary WNBA star Sheryl Swoopes, Chicago Bulls forward Carlos Boozer and now NFL quarterback Mark Brunell, Kris Humphries constituted a perfect target. With large sums of money at his disposal and without the advice and management of a seasoned financial advisor, Humphries was easy prey – and so too are any investors who buy into emotional bias, family ties and guarantees of too-good-to-be-true returns.

Protect yourself against fraudulent investments with smart money management and sage legal counsel

For novice investors like Humphries, the best defense against investment fraud is smart money management as advised by a seasoned and honest registered professional. Left to their own devices, first-time investors are frequently tempted or talked into risky decisions that, at least in some cases, can ruin even the most affluent individuals and leave them in debt despite their successes. As experienced San Diego investment attorneys, we understand the devastating effect that fraud can have on individuals, families and companies alike. If you have been the victim of investment fraud, or suspect dishonest behavior on the part of an unregistered financial advisor, you are invited to contact us today at www.thesecuritiesfraudlawyers.com.

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Posted by Social Media Staff on Nov 15 2011. Filed under Bradd Milove, Columns, Sponsored Columns. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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