Rising college basketball stars who allegedly fell victim to assistant coaches looking to manipulate their choices in return for thousands of dollars share some responsibility for not being more suspicious, “Wolf of Wall Street” author Jordan Belfort said.
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“Part of it is also the responsibility of the young kids,” Belfort told FOX Business’ Charles Payne on ‘Making Money with Charles Payne’ Wednesday. “They know they’re talented, they’re going to make money. They have to educate themselves.”
On Tuesday, prosecutors announced federal charges against 10 men in the National Collegiate Athletic Association (NCAA) – including a top Adidas executive and four assistant coaches – for taking thousands of dollars in bribes to influence NBA-destined college players’ choice of schools, agents and financial advisors, among others.
It’s one of the biggest crackdowns yet in the illegal role money can play in college basketball. Institutions affected by the arrests include the University of Arizona, Auburn University, the University of Southern California and Oklahoma State.
The scandal so far is probably just the tip of the iceberg, said Belfort, who gained notoriety in 1999 when he pleaded guilty to charges of fraud in connection with stock market manipulation, a story upon which his memoir is based.
“It’s happening everywhere,” he said. “It’s not just at these few schools.”