(NEWARK, NJ) – The New Jersey Attorney General announced Tuesday that three brokers have been disciplined for bad financial deals with three former Major League Baseball players who had been clients.
“Clients trusted these industry professionals with their hard-earned savings, and that trust was broken,” said Attorney General Paula T. Dow. “Professional athletes, working toward a financially secure future upon retirement, became victims to those seeking to enrich themselves.”
Two of the brokers, Stephen Elliot Hill and Steven Kolinsky, co-owners of Kolinsky-Hill Financial Group, had their brokers licenses suspended. According to a press release, Hill misappropriated nearly $1.7 million of his clients’ money.
Florida broker Roy Glassberg was sanctioned for part in the deal. He failed to disclose that the funds that were misappropriated by Hill benefited his company.
The names of the former baseball players affected by the deals have not been released. However, Sports Illustrated reported that former New York Mets outfielder Cliff Floyd is among those who were stung financially.
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