Allen Iverson Loses $154 Million, Judge Seizes Bank Account

By: Pat Prescott
02/15/2012 09:13 AM ET

Allen Iverson is so broke and that a judge seized the bank account of the former NBA star because he did not pay on $860,000 worth of jewelry.

In addition, Allen Iverson announced that he was looking forward to making a return to basketball, to any team that would have him.

The news was surprising to fans because during his playing career, Iverson was paid $154 million. However, more information has come out about his finances since the jewelry ruling, and it appears that he has lost his entire fortune in a short time due to reckless spending, enormous gambling debts and people who leached themselves onto him for the money.

Iverson, has only been out of the league for two years, and now he is flat broke. Mostly, due to the large entourage of people that Iverson traveled around with and took care of during his 15-year career. They were people who he thought he owed something to for keeping him out of harm’s way as a youth.

He was paying for meals, hotel rooms, and game tickets, which was up to 50 at a time, on a nightly basis. In addition, he would give lavish gifts to his family and friends.

Iverson has been banned from several casinos for reported gambling debts that he cannot afford to pay off. Stephen A. Smith wrote in a 2010 article for the Philadelphia Inquirer that according to “numerous NBA sources, Iverson would either drink himself into oblivion or gamble his life away.

In a yearly NBA seminar, attended by all rookies coming into the league, they tell the new class that they need to protect their finances, siting 60 percent of all players go broke within five years of exiting their careers.

Source: Allen Iverson