How former NHL star Bryan Berard lost millions to a fraud involving an unscrupulous financial adviser
canada goose outlet store new york Berard grew up on Rhode Island, playing hockey with a dream of one day making it to the NHL. At the age of 17, while still in high school, agents from around New England saw the talent he possessed and began courting canada goose outlet canada Berard. Along with the agents canada goose black friday came financial advisers, eager to help manage his money. canada goose outlet store new york
One financial adviser in particular made an impact with Berard. His name was Phil Kenner.
A former college hockey player, Kenner pitched Berard with the help of 12 season NHL veteran Derek Sanderson. The hockey connection made Berard feel secure and the pitch sealed the deal. In an interview with TSN’s Rick Westhead, Berard recalled that Kenner promised “safe and conservative methods” so he could “grow” his money and build “a good retirement fund”.
canada goose outlet reviews In the 1995 NHL draft, at the age of 19, Berard was the number one draft pick. It was canada goose outlet jackets a huge honour canada goose black friday sale and a dream come true, plus it meant a big paycheque for the young hockey player who grew up in a blue collar family with six siblings. canada goose outlet reviews
During the first season in his NHL career, Berard made $850,000. At the end of his rookie season he won the Calder Trophy, an award given to the most proficient rookie of the canada goose outlet online uk year.
Berard was eventually traded to the Toronto Maple Leafs, where his salary rose to $1 million a season. However, like many athletes, his focus was on his sport, not his finances. Berard claims he would check his financial statements and said “early on with Phil canada goose outlet uk was perfect,” and “money was in an account, you could see it every month in our portfolio statements and things were good”.
canada goose outlet paypal Along with at least a dozen other NHL players, Berard trusted Phil Kenner to manage his money canada goose outlet store planning for his eventual retirement from hockey. canada goose outlet paypal
canada goose jacket outlet uk In 2003, Kenner opened his own company, leaving Sanderson and other colleagues behind. And over time, Kenner convinced his clients to put more of their money into real estate in official canada goose outlet locations like Hawaii, New York and Mexico. canada goose jacket outlet uk
canada goose outlet parka In 2009, Berard began to notice that returns on his investments were drying up. canada goose outlet parka
canada goose parka outlet uk “Things weren’t working out. (We) didn’t receive any money back at all on any investments,” he recalled. canada goose parka outlet uk
canada https://www.goosefrshop.com goose outlet in toronto Berard also claims he discovered forgeries involving his signature on documents. In one case he says he was at a training camp in Philadelphia when the forged documents placed him in Arizona. canada goose outlet in toronto
canada goose outlet in new york Not only were Berard and canada goose outlet uk sale other hockey players questioning what was happening to their investment, canada goose factory outlet the FBI and the American tax department, the IRS, began a joint investigation eventually charging Kenner with fraud. canada goose outlet in new york
canada goose outlet real After a trial in United States Federal Court on the 9th of July, 2015, Phil Kenner was convicted of canada goose outlet toronto factory six counts of wire fraud, conspiracy and money laundering. canada goose outlet real
canada goose outlet in montreal Court documents revealed that “a proportion of the money would be improperly diverted to bank accounts controlled by Kenner” and a partner “and used for their personal benefit, for unrelated business ventures and to conceal their scheme to defraud.” canada goose outlet in montreal
canada goose outlet us Court filings estimate the total fraud involving multiple victims cost them more than $15 million, but Berard believes the amount is much larger. canada goose outlet us
“My guess is anywhere 50 plus million,” he said, totaling his personal loss at “$3 million plus.”
canada goose outlet kokemuksia The NHL Players Association believes the fraud canada goose outlet store uk suffered by Bryan Berard and other players who trusted canada goose outlet reviews Phil Kenner is canada goose outlet parka not unique and hockey players, particularly rookies, are often targeted by unscrupulous advisors. canada goose outlet kokemuksia
“I’m sure we are talking about hundreds in hockey, if not thousands, of guys,” said NHLPA Executive Mathieu Schneider. “We’re starting to catch up, canada goose outlet in usa I think, with some of the other leagues. But it’s certainly a big challenge for us.”
canada goose outlet canada Bryan Berard, who lost millions to a man he trusted to invest his money, is now offering advice to young rookies to be canada goose outlet wary of whom they trust. canada goose outlet canada
canada goose outlet ontario His goal: “(To) try to help these younger hockey players, younger athletes really so it does not happen to them. I don’t want them to have to deal with some day when (they’re) done playing and realize it’s all gone, because you trusted somebody that you shouldn’t have.” canada goose outlet ontario
canada goose outlet los angeles As for the man who took Berard’s money, Phil Kenner is now awaiting sentencing and is being held at a Federal Detention Centre in Brooklyn, New York. According to an FBI statement, Kenner could “face a maximum of 20 years” imprisonment on each count of conviction as well as the forfeiture of up to $30 million in proceeds derived from the frauds.” canada goose outlet los angeles.