Three-time major league All-Star outfielder Lenny Dykstra amassed a fortune through financial advising. But this time he struck out. The baseball star was charged with bankruptcy fraud by officials for allegedly removing and selling personal property from his 18$ million mansion which was a part of his bankruptcy estate. Legally, an individual in bankruptcy can’t touch assets that are part of the case since that makes the assets unavailable to repay creditors.
The Justice Department said, “Dykstra was charged with one count of embezzling from a bankruptcy estate.”
“This is a guy who, like too many professional athletes, feels very entitled,” says Randall Lane, who dedicated a chapter to his financial dealings with Dykstra in his book about Wall Street excess, “The Zeroes: My Misadventures in the Decade Wall Street Went Insane.”
The baseball star helped the New York Mets win the 1986 World Series and later went on to become a celebrity stock picker and entrepreneur before his assets dissolved in the summer of 2009.
An affidavit filed by FBI Special Agent Ty Thomas said Dykstra “sold many items belonging to the bankruptcy estate” and “destroyed or hid other items, depriving the estate of a combined $400,000 in assets.”
Dealing with bankruptcy is complex, especially in Dykstra’s league. Legal guidance from an experienced bankruptcy lawyer in Charlotte can help you get back to normal life.
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