Jack Johnson Files For Bankruptcy - Crazy Story!

[flemingc04]

On the morning of Oct. 7, two days before the Blue Jackets opened the 2014-15 season, Jack Johnson left his Ferrari parked in the garage of his Dublin apartment and drove his BMW to a federal courthouse Downtown to file for bankruptcy. Johnson has earned more than $18 million during his nine-year NHL career, not including the $5 million he will be paid this season by the Blue Jackets. Almost all of the money is gone, and some of his future earnings have already been promised — which is why Johnson, surrounded by a new team of financial advisers and an attorney, signed his financial surrender.

The scene was nearly four years in the making, after a string of risky loans at high interest rates; defaults on those loans, resulting in huge fees and even higher interest rates; and three lawsuits against Johnson, two of which have been settled and one that’s pending. “I’d say I picked the wrong people who led me down the wrong path,” Johnson, a 27-year-old defenseman, told The Dispatch last week. “I’ve got people in place who are going to fix everything now. It’s something I should have done a long time ago.” He has declined to comment further.

But sources close to Johnson have told The Dispatch that his own parents — Jack Sr. and Tina Johnson — are among the “wrong people” who led him astray financially.

In 2008, Johnson parted ways with agent Pat Brisson, who represents some of the National Hockey League’s biggest stars, including Sidney Crosby, Patrick Kane and Jonathan Toews. With no agent and little knowledge of how the financial world works, Johnson turned over control of his money to his parents.

In 2011, in the weeks leading up to Johnson’s first big contract — a seven-year, $30.5 million deal signed with the Los Angeles Kings, under which he now plays for the Blue Jackets — Johnson signed a power of attorney that granted his mother full control of his finances.

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I feel bad for Johnson. As it says further in the article, many kids rely on the advice of the people around them, especially their parents, because they are young and everything is so new to them. Although I only posted up to the part that shows his parents took control of his finances, the story gets much worse and I recommend reading the full story.

[doniceage]

Very sad indeed.

Don