http://sports.yahoo.com/mlb/news;_yl...v=ap&type=lgns

He's been pouring creditors' money into pie in the sky business ideas like a monthly magazine catering to professional athletes, and did a bunch of other dumb stuff like bought Wayne Gretzky's old house for $18M, and a few airplane jets, etc. etc. I think he got money to begin with from his famly's carwash company. Anyway now he's flat broke and owes $50M with no obvious way to pay it back. I guess he can do a book deal or a TV documentary but he's not a huge name so that won't even come close to covering his debts. What is going to happen to this guy?

Oh yeah he's also involved in like 20+ lawsuits, is he spending the rest of his life in court?

Just another financial fraud. I heard him on CNBC a few years ago talking fast about buying options and some other trader garbage talk. He was scamming people writing for TheStreet.com as well, and fraud Cramer was telling everybody how smart he thought Lenny was.

Total fraud. Another guy who won't make the market timer/trader Hall of Fame. Of course, nobody will make it, because the Hall of Fame is an EMPTY ROOM.

Anyone can gamble with other people's money. He is just another who gambled and made others pay for his mistakes. That's the Wall Street way, and since hardly anyone ever goes to jail for destroying other people, the show will go on, and more victims will be fleeced.

What drugs do you smoke, I want some.

are you saying Buffet is not in yet, and will be the first one?

damn dchesley, who scammed you?

What a shame. All those crooks out to get poor Lenny. You watch. He'll show them. He'll be back.

Buffet is not a market timer/trader, he's an investor.

Yeah bufett is obviously a market timer/trader

Lol missed last one, just insta replied

dchesley, I so agree with you.

Market timing and day trading is a losers game. As proved in all research there is about it.

.

There was a great article about his fraud in GQ while back: http://men.style.com/gq/features/lan...d=content_8558.

Nice article, thanks.

Yea, one of the few 5+ page articles I've actually finished.

good article

i like this one too but its not as good as that one
http://sports.espn.go.com/mlb/news/story?id=4084962

Jesus that site is hard to read.

'Most meetings are simply extended hang-out sessions, with Lenny cracking up at his own jokes or asking us to watch the Real Sports segment over and over, especially the moment where Lenny points to his seat on his private plane and says, “This is where the Big Man sits.” He also seems to relish letting go a long, leisurely fart for the amusement of his employees or showing off his silk tie and saying, “You see this tie? I paid $500 for it” as he rubs it on his crotch and laughs at our embarrassed expressions.'

OMG

Money line on SEC and/or DOJ investigation resulting in criminal charges?

Jim Cramer picks another winner.

wow. just wow.

lol @ Cramer, "this is one of the greats."

I watched a trailer on YouTube....The World According to Lenny.

epic bag. that is all.

savman

p.s. I think the lesson here is never trust a man who had a mullet curl at one point in his adult life.

He reminds me of a less sophisticated Donald Trump. This is the best car in the world...best watch in the world...blah blah blah....hey give me a loan, etc.

savman

Or some of what Lenny is on?

linky

But honestly, back to the OP, what really does happen to all these athletes and celebrities who are broke and owe tens of millions?

Who meets someone like this and thinks "this is a guy I want handling my money"?

They used to throw you in the slammer for this.

So did he actually scrounge money to keep flying in private jets because he was delusional and thought his business would be successful?

I always wonder what goes on in the minds of these people. I watched my friend go through a (obv scaled down) similar situation, I have no idea how he let himself go past broke either