Former NBA star Antoine Walker, who lost millions, helps others

antoine_walker_2Last spring, 12-year NBA veteran Antoine Walker was the subject of an excellent Sports Illustrated story which caught up with the former University of Kentucky and Boston Celtics star as he tried to revive his basketball career in the NBA’s Developmental League.

He was unable to catch on with an NBA team, but his reasons for doing so were apparent: Walker lost close to $ 110 million that he earned in salary earned during the course of his playing career.

He was forced to sell his championship ring that he won as a member of the 2006 Miami Heat to pay his debts. He filed for bankruptcy in 2010.

Now, Walker is promoting Denovo Elite Athlete Management, a Salt Lake City-based firm that says it uses different platforms to ensure that no athletes go broke.

Walker told Grantland editor-in-chief Bill Simmons that if he had access to a group like Denovo, he wouldn’t have experienced the financial struggles he did.

On July 15, 2009, Walker was charged with three felony counts of writing bad checks related to gambling debts he had incurred at three Las Vegas casinos.

Walker was arrested on July 15 at Harrah’s Casino in South Lake Tahoe, Nevada. The charges stemmed from over $800,000 in gambling debts. Walker was in Tahoe to play in the American Century Celebrity Golf Classic the following day.

On June 30, 2010, Walker entered a plea of not guilty on felony bad check charges stemming from his failure to pay $770,000 in gambling losses to Caesars Palace and two other casinos in Las Vegas, Nevada, according to the Las Vegas Review Journal.

A year later, he pleaded guilty to one felony count of passing a bad check. Under the plea agreement, he did not face a prison term, and instead was put on probation and worked towards repaying the debt.

On May 18, 2010, Walker filed for Chapter 7 bankruptcy protection in the Southern District of Florida (Miami) as case number 10-23558 with total assets of $4.3 million and debts of $12.7 million.

The filing listed four pieces of real estate including a $2.3 million Miami home that is underwater with a mortgage of $3.6 million, and three other properties in Chicago, one listed for $1.4 million.

Walker played for Boston Celtics, Dallas Mavericks, Atlanta Hawks, Miami Heat and Minnesota Timberwolves during his NBA career, averaging 17.5 ppg, 7.7 rpg and 35.3 mpg.

Walker played in total of 893 NBA games, starting 707, being selected as NBA All-Star 3 times in his career.


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