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Ex-NBAer Craig Smith says he was swindled out of millions, left with $85 in bank

Richard Rowe / US PRESSWIRE

It's no secret that people with bundles of money very often mismanage that money, in one way or another.

The ways in which so-called "Sudden Wealth Syndrome" has afflicted NBA players and other pro athletes has been well-chronicled, from the harrowing testimonials of former stars like Allen Iverson and Antoine Walker to the excellent ESPN "30 for 30" documentary "Broke."

You can add to that list former NBAer Craig Smith, who played parts of six seasons with the Minnesota Timberwolves, Los Angeles Clippers, and Portland Trail Blazers between 2006 and 2012.

Smith, who made an estimated $9.4 million during his playing career, has filed two lawsuits in Los Angeles County Superior Court alleging that he was bilked out of millions and left with only $85 in the bank.

From David Lazarus of the Los Angeles Times:

Smith's lawsuits allege that his then-business manager, Noah Lookofsky, forged Smith's signature to transfer more than $2 million to his own accounts from Smith's accounts at City National and U.S. Bank.

Smith is suing the two banks for allegedly failing to notify him of unusual activity involving his accounts. Representatives of both institutions declined to comment.

Smith also is suing Lookofsky. In a brief phone interview, Lookofsky declined to comment on the allegations against him, saying only that "no fraud was committed." Separately, he is awaiting trial in Iowa on a bad check charge.

While his allegations paint him as the victim of cold, calculated theft, Smith acknowledges that his carelessness contributed to his downfall.

"Growing up in Los Angeles, I didn't know what a million dollars looked like," he said. "You hear about all this stuff, but in real life it's different. ...

"You're young. You want to show off a little bit."

Now, as he looks to recoup some of his losses, Smith appears to have learned some hard lessons, including that it's wise to watch your money closely, and "don't trust anyone."

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