Quoted in Detroit Free Press article

The Detroit Free Press recently ran yet another sad tale of a professional athlete getting ripped off. Former Detroit Red Wing hockey player Sergei Fedorov claims he was cheated out of $43 million by his financial advisor.

I feel terrible for anyone who gets in business with someone who turns out to be a fraud. Professional athletes are especially susceptible, particularly if they put complete trust in someone without much, if any, oversight. The article states, "The trust between the men was so strong that Fedorov never received any paperwork documenting his investment's performance."

I was quoted in a sidebar on "tips to avoid financial missteps." The information is based on a more comprehensive article I wrote a few years ago for Sports Business Journal, titled, "Pro athletes must use caution to avoid financial runaround."

"Professional athletes are among the most competitive populations around," said Marc Isenberg, author of "Money Players," a financial guide for athletes. "If it comes down to investing in a conservative approach versus something that has far greater appeal -- say, 12% to 15% returns, 'guaranteed' -- it's hard for many to resist."

The lessons in 2006 absolutely apply today...

• Don't fall for "can't-miss" sales pitches: Let steady and consistent returns win the day.

• Don't take an adviser's word for it: Ensure that your investment deal is verified by a reputable CPA firm.

• Hire pros: Your cousin's husband may be a charmer, but many athletes have come to rue hiring family or friends as advisers or managers

• Understand what you're investing in: Walk away if you can't get the answers you seek.