Vince Carter lost $4.7 million out of his $110 million fortune by breaching his contract with a federal prisoner
Mia Horton Vince Carter was a force of nature during his playing days. He made a lot of money during his career, but he also unfortunately lost out on one instance.
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The former Raptors and Nets star is widely known for his iconic dunks and offensive prowess. Carter’s legendary 2000 slam dunk contest is an iconic moment in NBA history as his “it’s over” celebration lives on to this day.
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Carter never won a ring in his career, but outside that, he built a respectable name for himself and goes down as one of the most beloved stars of all time.
During his final years in the league, he stayed on rebuilding and fairly uncompetitive teams to offer his wisdom and guidance to younger players. His final three teams in the league were the Grizzlies, Kings, and Hawks. Carter peaked between 1999 and 2007 when he made the All Star game 9 times.
Through his career, Carter worked up some impressive salaries, and when it was all said and done, Carter now has a net worth of $110 million.
Vince Carter had to pay $4.7 million to a federal prisoner
In 2004, Carter met a little unfortune when he got into legal trouble with his former agent. A federal jury in Columbia, S.C ordered Carter to pay his agent, who was imprisoned at the time almost $4.7 million for lost commissions and damages.
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The claim was that Carter had breached his contract with William “Tank” Black’s company after he had broken off his agreement in 2000. Black was awarded $4,675,640.45 in damages.
Black was also awarded a punishment as he had to pay Carter $800,000 for violating fiduciary duties. Earlier, Black pleaded guilty to money laundering, fraud, and his role in car-title-for-cash scheme that drew out millions of dollars from from athletes including Carter who lost $130,000.
Initially, Black sued Carter for $9 million for endorsement deals he had brought the superstar and another $5 million in damages. Carter then counter-sued for $15.9 million for when he was sued by Puma for his lost shoe deal and $3 million for breaking the contract.
However, the jury didn’t find any financial harm coming Carter’s way, and thus, he wasn’t given damages. However, they did admit that Black and his company were negligent in handling Carter’s Puma deal.
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