Report: Billy Hunter Tried To Invest NBPA's Millions In Son's Failing Bank
Adrian Wojnarowski of Yahoo! Sports has dropped a bombshell of a report on Billy Hunter, the executive director of the NBA players' union: In 2009, Hunter sought an investment worth between $7 million and $9 million of the NBPA's money in his son's bank.
Sources told Wojnarowski that Pat Garrity, then the treasurer of the players' union, sought to challenge Hunter on his business practices because of a nonsensical "investment opportunity" idea he was promoting in Phoenix during All-Star Weekend 2009. He wanted to invest millions in Interstate Net Bank of Cherry Hill, N.J., which federal and state banking regulators had slapped with debilitating "cease-and-desist" orders.
Digging around online, Garrity discovered that Hunter's son, Todd, had a seat on the board of directors of Interstate Net Bank. He's also a vice president for Prim Capital, which has a consulting contract with the NBPA that has paid the company in excess of $2.5 million since 2006.
"Why didn't you disclose any of this?" Garrity reportedly asked Hunter several times at the 2009 meeting. Garrity was later told he was no longer welcome on the executive committee, being a retired player and not a current one. He left the NBPA and never returned.