Baseball sportscaster Tim McCarver is suing broker Morgan Keegan for blowing $1 million of his money on CDOs. The Post:
Baseball great and Fox Sports broadcaster Tim McCarver claims he lost about $1 million from his investment account after his broker failed to heed his instructions and keep his money in conservative investments, his lawyer told The Post.
McCarver, 67, has initiated an arbitration case against Morgan Keegan & Co., based in the broadcaster’s hometown of Memphis, for allegedly misleading him on just where his money was invested, said the lawyer, Dale Ledbetter, a childhood pal.
“He was told his investments – made with money he was setting aside for his children and retirement – were tantamount to buying CDs and [safe] bonds,” Ledbetter said.
Instead, Ledbetter said, “the funds were invested in the worst of the worst. When similar products went down 4 per cent, 5 per cent or 6 per cent, these bonds went down 70 per cent to 90 per cent.
“Tim was very conservative with his money because he grew up not having any,” Ledbetter told The Post.
“His dad was a policeman in Memphis and I knew his dad.”
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