Ball is accusing Foster of taking money from the company.
Los Angeles Lakers guard Lonzo Ball is suing Big Baller Brand co-founder Alan Foster for allegedly utilizing a "fradulent scheme" to take money from the company, The Athletic's Shams Charania reported on Tuesday.
According to Charania, lawsuit papers filed on Tuesday claim that Foster took money from Big Baller Brand "to purchase assets in Ethiopia as a means of, among other things, secreting stolen funds." Ball is suing for damages in excess of $2 million.
Ball's lawsuit comes in light of ESPN's report that revealed Ball was missing $1.5 million from his personal and business accounts. According to the report, suspicions were first raised in October 2018, when Ball's financial advisor alleged that Lonzo's personal taxes and Big Baller Brand taxes could not be completed on time due to the missing funds.
Records obtained by ESPN also revealed that Foster was sentenced to seven years in prison after pleading guilty to one cout of mail fraud and two counts of money laundering in 2002.
Ball began to put distance between himself and the company with a post on Instagram on March 23. He also covered up his Big Baller Brand tattoo on his right arm, replacing the three B's with dice barring the numbers 1, 2 and 3, the numbers he and his brothers wear on the court.
LaVar Ball commented on the allegations against Foster in a statement to ESPN on March 26.
"I've always believed in the best in people," LaVar Ball said at the time. "Regretfully, I put my complete trust in Alan Foster to manage my son's business affairs. At the end of the day, family comes first, and I support Zo wholeheartedly. Together, we will make this right."
Foster owned 16.3% of the company. Ball owns 51, while LaVar and Lonzo's mother Tina own 16.4 and 16.3, respectively.