College athletes are tapping into new income opportunities at a time in which detecting and preventing fraud remain troubling problems. A law school’s new conference will offer free educational sessions for star players and other students in an effort to help them safeguard their money.
Later this month, The University of Oklahoma College of Law will kick off the Wilkinson Family
The challenges for athletes who are newly wealthy may be starting even earlier in their careers now that big-time college stars have gained access to
“You hear about these athletes being defrauded so often,” Palk said. “We don't realize how difficult it is to sue somebody or to get your money back or to find pockets deep enough to get back whatever was stolen from you.”
Davis received
With at least 60 attendees, space for nearly 200 more to come in person and the availability of virtual attendance via Zoom for the March 24-25 event, the law school is inviting all Sooner sports teams and their coaches as well. OU Athletic Director Joe Castiglione and Law Dean Katheleen Guzman will speak at the event, too.
In addition, securities attorneys and other experts will discuss potential threats relating to NIL deals, give overviews of fraud and explain the importance of legal representation. There are widespread misunderstandings about who clients should suspect of fraud and topics like the nature of an advisor’s relationship to clients and when they’re operating under a fiduciary duty, said Megan Wischmeier Shaner, the school’s Arch B. & Jo Anne Gilbert Professor of Law.
“What most people don't realize is there's usually a personal connection to a lot of the fraud that occurs,” Shaner said. “The individuals who are defrauded — whether they are sophisticated or not and whether they have a lot of money or not — the individuals just don’t understand the structure. It’s complicated for lawyers to navigate.”
The Wilkinsons and OU Law approached Louis Straney, a fraud expert who often testifies in cases and has a company called Arbitration Insight, to assist in creating the program for the two-day event. The organizers hope young athletes and other people glean lessons that will benefit them throughout their careers and lives in any field, Straney said. Davis and other athletes “are accustomed to the whole concept of the team,” he noted.
“They don't really understand how to choose the team and what happens when the team betrays you,” Straney said. “That happened to Leonard. Hopefully some of these younger athletes are going to benefit. He'll put the fear of God in them, and they'll think twice before they choose the members of the team.”
Fraud is “a multifaceted problem,” from preventing it to dealing with the consequences for those harmed by the all-too-common cases, according to Shaner. Victims may
“It's a really complicated process, and it's a really time-consuming process,” she said. “And, because of that, it's expensive.”
