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Shilo Sanders faces income review following bankruptcy filing

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Shilo Sanders, the son of University of Colorado head coach Deion Sanders, is now facing additional scrutiny after questions emerged about his income following his late 2023 bankruptcy filing.

The bankruptcy filing followed an $11.8 million judgment against him in reference to the assault. In 2022, Sanders lost a civil lawsuit over the alleged assault of a security guard at his Dallas highschool in 2015. The lawsuit, filed in U.S. District Court in Dallas in 2016, alleged that security guard John Darjean “suffered serious and everlasting injuries, including a broken neck, cervical spine damage, everlasting neurological injuries and irreversible urinary incontinence,” in line with the 2024 bankruptcy filing. These injuries allegedly occurred when Sanders elbowed and continued to punch Darjean throughout the altercation.

Sanders appeared to file for bankruptcy to discharge the debt, but now his bankruptcy filing is unsure.

According to , Sanders claimed in December 2023 that he only had $323,477, which consisted mainly of a Robinhood account and a Mercedes GLE AMG 63 price $75,000. The amount he declared in December down from the account Sanders reported to in October, which was $477,881.

Lawyers for John Darjean, a former security guard at Triple A Academy, a branch of the Focus Academies charter school that closed, were outraged by the failure to reveal Shilo Sanders’ NIL portfolio. According to a January 2024 court filing, “Contrary to schedule, Shilo admitted to purchasing vast amounts of high-end and expensive clothing,” the lawsuit says. “For example, on his YouTube channel posted on May 4, 2023, he states, “Okay, we’re at the Louis (Vuitton) store, I’m trying to spend at least $50,00.00 today.”

According to , not one of the poses Sanders routinely displays on his social media accounts were included in his earnings discourse, to which his lawyers responded that Sanders was under no obligation to itemize his personal assets.

Darjean’s testimony examines intimately Sanders’ claim that he doesn’t know what his role is within the ventures known as SS21 LLC or Big 21 LLC, aside from that he’s the only owner of them and that they’re for the aim of contracting paid appearances in his NIL ventures.

“On its face, this omission is both glaring and ludicrous, as it is Shilo’s NIL and/or public value that is the source of continued paid meetings and social media appearances,” the filing reads. “The entire foundation of the NIL concept is the value of the individual athlete, but Shilo has chosen not only to hide the value of the entire NIL enterprise with the “unknown” listings of the 2 disclosed entities (Big 21 LLC and/or SS21 LLC), but Shilo has intentionally did not discover and disclose in nowhere within the lists of its individual shares in NIL real estate.

The filing also identified Sanders’ NIL portfolio as probably the most profitable and highly valued of Sanders’ assets; Meanwhile, Sanders in his own statement claims that Darjean’s reporting is a violation of a protective order issued by the state of Texas.

According to , Sanders’ lawyers do too he claimed that he was not aware of the course of the primary trial and didn’t learn of the judgment against him until 2023, claiming that notices of the hearing either never reached Sanders or were sent to an incorrect address and that he didn’t have a lawyer when the primary lawsuit was filed.

In February, Sanders’ attorneys argued that the $11.3 million judgment was an undue burden on their client, writing in court documents: “Given the dimensions of the judgment and the undeniable fact that Shilo was a school student pursuing a graduate degree, the creation of a post-judgment receivership would have an enduring impact on his ability to start life after graduation and would likely end in the Debtor (Sanders) remaining subject to collection efforts by the Plaintiff for the rest of his life.

The filing added: “As a result, the Debtor has filed a voluntary petition for relief under Chapter 7 of the Bankruptcy Code to allow him a fresh start, free from the burdensome burden of debt.”


This article was originally published on : www.blackenterprise.com
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Business and Finance

Reginald Lewis’ daughter opens Beatrice Advisors

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Christina Lewis, Reginald Lewis, Beatrice Advisors, Reginald Lewis


Daughter of a superstar Black financier Reginald Lewis followed in his father’s footsteps opening Beatrice Advisors to assist families like hers.

Christina Lewis opened an organization publicly on June 13 in New York. It is the primary multifamily office of its kind to be owned by a Black woman. Meredith Bowen, former partner at Seven Bridges Advisors, will function president and chief investment officer. With a few of their assets coming from the family business BFO21 and Lewis’ personal network, the band is pushing to maneuver away from the established order of occupying a particular area of interest.

Lewis’ goal is to spotlight the importance of getting a tax-efficient portfolio for the following generation of heirs, entrepreneurs and multiracial families like hers. He also desires to set a regular for having a solid team of investment managers, lawyers and accountants that clients can trust and never feel obliged to do.

“The next generation may be very uninformed, just like me and my whole family were when my dad died,” she said, recalling her father, who died when she was 12.

“He had all the intellectual capital around investing and financial access, and of course he never expected to die at 50.”

Her father was the one black person on Forbes’ list of the 400 richest Americans after appearing on the list in 1991 – with a net price of $340 million and an estimated net price of $400 million – which increased in 1992 that very same 12 months he was diagnosed with a terminal brain tumor and died in January 1993, aged just 50.

His estate was left to his wife Loida Lewis and daughters Christina and Leslie. Now, greater than 30 years later, she lives by the three mantras her father left her: do your homework and follow it, make a plan and follow it, and be good at your job.

Beatrice, apparently named after the landmark Beatrice acquisition, which was curated by Christina’s father and have become the primary Black-owned billion-dollar company, offers clients single-family offices and an progressive and technology-driven approach that encourages clients to tailor their investments to suit their individual goals. The current offer includes three key services: investment management, financial planning advice for clients and own investments.

However, Lewis doesn’t stop there and plans to expand his business over time.

Former vp and financial advisor at Shufro, Rose & CoMichael Hymes will function managing director and head of client advisory on the chief team. Bowen spoke highly of Lewis’s leadership she said she was excited to be a part of a “new level of autonomy”.

“Meeting customers where they are now and where they will be tomorrow, while giving them a new level of autonomy, makes Beatrice’s offering an exciting one,” Bowen said.

“Christina has demonstrated an exceptional ability to drive meaningful change, and I am excited to work with her and the team to build a truly differentiated set of solutions for our clients.”

The latest investment firm owner also serves as vp of the Reginald F. Lewis Foundation and is an executive producer of the upcoming biopic about her father’s life, named after his autobiography, “Why Should White Guys Have Fun?”


This article was originally published on : www.blackenterprise.com
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4 ways to protect your credit during the holidays

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Black-Owned Credit-Building App, Michael Broughton


The holiday season is sort of here. But before you finalize your plans, stop and be certain that you are not practicing behaviors that might jeopardize your credit.

Falling into vacation mode – and the charging frenzy that comes with it – is what gets lots of us into trouble. Here are 4 ways to keep your credit in great shape during the holidays:

Don’t apply for retail credit cards

Getting 10% off your purchase really is not value it in the long term. Opening a brand new account could mean problems for your credit rating, as the length of your credit history accounts for 15% of your FICO rating. The older your credit age, the higher, because it shows you’ve a protracted history of credit management. Opening a brand new credit card account will lower your overall credit age and, subsequently, your rating. Applying for a loan also signifies that an inquiry can be processed on your report. Inquiries make up 10% of your FICO rating.

Be careful when shopping online

If you might be purchasing gifts online, remember to only visit sites you might be conversant in or have done business with in the past. Don’t share your credit card number with anyone.

Don’t overload

Be careful how much you spend. If at the end of the month you might be unable to repay the amount charged, reconsider your purchases. Overcharging your card will end in a rise in the amount due. Amounts owed are 30% of your FICO rating.

Don’t forget to pay your bills

It could appear obvious, but when traveling and visiting relatives, it is easy to forget to pay the bills. Set reminders on your calendar or automatic bill payments so you do not miss a payment and get a negative mark on your credit report. Your payment history accounts for 35% of your FICO rating.


This article was originally published on : www.blackenterprise.com
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4 square tips to avoid leaving money on the table

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As a newcomer to the Omega Psi Phi National Convention, Karla Spencer-George has learned lots from other vendors who’ve been in the industry for years. But when she pulled out her Square bank card reader, everyone was impressed by her ability to quickly process transactions using the device on her Android phone.

“I wish they would have used it instead of a traditional machining machine,” says Spencer-George, who worked as an electrical engineer at Lockheed Martin for 12 years before founding Liberation Clothing & Gifts, LLC in February 2010.

It sells merchandise promoting Black history and culture, including T-shirts, documentaries, books, calendars and paintings. Although the company’s business is primarily online, Spencer-George also sells its merchandise at Black Run events, comparable to national and regional Black sorority and sorority conventions, Black History Month fairs, science fairs, Juneteenth observances and natural hair symposia .

Spencer-George selected to use Square for events since it was faster and cheaper than a bank card processing machine. In any case, bank card payments can account for 35% to 65% of the products it sells. She learned that despite the fact that the Square device only cost $10, she could get it back once she arrange an account. It also helped that there have been no fixed monthly fees.

Additionally, Square allowed her to call regular customers without having to re-enter their email addresses or phone numbers to send them confirmations. She was also impressed by the plug-and-play features of Square’s software.

“Just connect the device to your phone or iPad and swipe,” says Spencer-George, who also studied computer science in college. “I also see the proven fact that transactions are paperless as a bonus for me and the environment.

Already an experienced seller, Spencer-George offers the following tips to make sure you don’t miss a sale:

Perform advanced on-site testing

“It’s necessary that my bank card payment processor runs easily. Whether your event is held at an out of doors trade show or in the underground, lower level of the exhibit hall, you will need to travel to the event venue and complete a test Square transaction prior to the event. If you might be unable to get to the event location upfront, please call your ISP to discuss coverage in that area. Additionally, if a spot offers secure Internet for industrial transactions, consider purchasing it.

Don’t stop at a single point of failure

To avoid falling victim to Murphy’s Law, use two mobile devices with Square software. This way, if one device dies, you’ll have one other one. I take advantage of each a Droid phone and an iPad. I take advantage of a wireless hotspot separate from my Droid phone for iPad. This will make your Droid phone take longer to charge. Finally, I’m bringing my laptop so I can use an old-fashioned merchant account if all else fails.

Charge all of your devices

Since you might not have access to electricity during the event, make certain to charge all of your devices the night before. Before each event, I charge my Droid phone, iPad, laptop, wireless hotspot, and portable wireless charger.

Use a stylus

Invest in a stylus for touchscreen devices. Let your customers sign transactions with a stylus as an alternative of their fingers. Using a stylus is more skilled and easier for purchasers to write.


This article was originally published on : www.blackenterprise.com
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