Lenny Dykstra Charged With Fraud, Gand theft, Drug possession

Saturday, 11 February 2012

Lenny Dykstra Charged With Fraud, Gand theft, Drug possession---On Friday, Lenny Dykstra was charged with drug possession and bankruptcy fraud for allegedly grand theft of removing and selling personal property from his $18 million mansion, which was part of the bankruptcy estate.
As part of the plea, Dykstra faces up to four years in state prison.
Dykstra lost his fortune through some of the biggest financial blunders.
Lenny Dykstra had earned $36.5 million from major league baseball in his basketball career.
Dykstra moved to California and started a profitable luxury car wash that he called The Taj Mahal after retirement.
He expanded the business throughout Southern California and in 2007 sold it to investors.
Dykstra proclaimed himself a financial guru and began writing a stock-picking website column.
His prominence soared as a sports celebrity, entrepreneur and popular guest on numerous financial news broadcasts.
Then in July 2009, Dykstra filed for bankruptcy.
Lenny amassed a fortune through financial advising.
In the bankruptcy filing, Dykstra listed assets of $24.6 million and overall debts of $37.1 million.
Among the assets he listed are two residences: a Ventura County mansion in Lake Sherwood Estates that he purchased from Janet and Wayne Gretzky, which he estimated was worth $18.5 million; and a home in Westlake Village that he estimated was worth $5.4 million.
As a result of the bankruptcy filing, the residences and Dykstra's personal property became part of the bankruptcy estate that would be used to pay off creditors.
Almost 80 percent of National Football League players are flirting with bankruptcy two years after they retire.
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