Post by Luca on Apr 12, 2024 14:23:57 GMT -8
While I was glad to hear that Ohtani does not appear to be involved in gambling (what a financial disaster that would have been for the Dodgers), it astonishes me that you can miss a $16 million shortfall in your bank accounts. I can state with some assurance that I am probably the least financially savvy individual on this board but still I have a few basic questions that maybe some of you can answer.
1). Who the hell keeps millions of dollars in a bank account which - if I understand what I've read correctly - is what he was doing? I assume the Dodgers pay him on a schedule and would place it in an account in his name, but wouldn't you expect the bulk of it to be automatically transferred to a higher yield entity ASAP? It doesn't appear that he lives very lavishly so why would he need that kind of money sitting in simple bank account? I understand that he was duped by his interpreter, but nobody picked up on this?
2). He had played professionally in Japan for several years and was presumably earning a substantial income even before he was associated with - or needed - the interpreter.. Didn't he did have financial advisors in Japan and did they drop the ball?
3). I have read that the interpreter told Ohtani's advisors and accountants that Ohtani specifically did not want them having informational access to his accounts. That sounds like a huge red flag. Still, didn't they have the fiduciary responsibility to verify that bizarre directive directly from Ohtani rather than from a third-party?
4). The interpreter also appears to have duped the bank, pretending to be Ohtani and switching the phone and email and account numbers to himself. Didn't the bank have a little more responsibility to assure it was Ohtani making all of these presumably random withdrawals?
Assuming that Ohtani is actually that naïve and completely in the clear (and I'm not 100% sure of that) it sounds like there was a massive failure of due diligence from a number of professionals...............................Luca
1). Who the hell keeps millions of dollars in a bank account which - if I understand what I've read correctly - is what he was doing? I assume the Dodgers pay him on a schedule and would place it in an account in his name, but wouldn't you expect the bulk of it to be automatically transferred to a higher yield entity ASAP? It doesn't appear that he lives very lavishly so why would he need that kind of money sitting in simple bank account? I understand that he was duped by his interpreter, but nobody picked up on this?
2). He had played professionally in Japan for several years and was presumably earning a substantial income even before he was associated with - or needed - the interpreter.. Didn't he did have financial advisors in Japan and did they drop the ball?
3). I have read that the interpreter told Ohtani's advisors and accountants that Ohtani specifically did not want them having informational access to his accounts. That sounds like a huge red flag. Still, didn't they have the fiduciary responsibility to verify that bizarre directive directly from Ohtani rather than from a third-party?
4). The interpreter also appears to have duped the bank, pretending to be Ohtani and switching the phone and email and account numbers to himself. Didn't the bank have a little more responsibility to assure it was Ohtani making all of these presumably random withdrawals?
Assuming that Ohtani is actually that naïve and completely in the clear (and I'm not 100% sure of that) it sounds like there was a massive failure of due diligence from a number of professionals...............................Luca
