The growing professionalization of college sports has meant that many young athletes receive compensation for their name, image, and likeness (NIL). In the near future, they may also receive salaries and additional benefits; giving them access to considerable sums of money and, with it, the potential for being victimized by fraudsters and scammers who may target these athletes because of their financial situation, notoriety, and popularity.
In this episode of the Sports Business Podcast with Prof. C. we explore the outreach efforts of the Chicago Regional Office of the Securities and Exchange Commission to educate college athletes about the SEC, the specific roles and responsibilities of investment professionals, the scope of financial fraud, and tips to help avoid being a fraud victim. Malinda Pileggi, a Supervisory Attorney Adviser in the Division of Examinations at the SEC's Chicago Regional Office, joins the podcast to discuss these programs. Tune in for an informative and timely conversation on safeguarding the financial futures of college athletes.
Host: Mark Conrad Producer: Victoria Ilano Additional Production: Jeffrey Haynes Artwork: Pamela V. White Marketing: Michelle Miller Music: ”MarcusWay/Energetic Pop Punk/Tribe of Noise”
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:07):
Hello and
welcome to the Sports Business Podcastwith Prof.
C, the podcast that exploresthe world of professional,
collegiate, amateur and Olympic sports.
I'm Mark Conrad or Prof.
C from Fordham University’s Gabelli Schoolof Business, where I serve as Professor
(00:29):
of Law and Ethics and the Directorof the Sports Business Initiative.
The growing professionalization
of college sportshas meant that many young athletes
receive compensation from name, imageand likeness agreements.
In the near future college athletes
(00:49):
may receive salariesand additional benefits.
These athletes - and athleteswho are drafted into professional leagues
- may have accessto considerable sums of money,
and with that, the potential for beingvictimized by fraudsters and scammers.
These athletes may be targetedby individuals and entities
(01:11):
because of their newly found status,
financial situation,notoriety and popularity.
The Chicago
Regional Office of the Federal Securitiesand Exchange Commission
has engaged in outreach eventscentering on college athletes.
Its staff holds events at variouseducational institutions
(01:34):
to help all college athletesbecome more informed about the SEC,
the specific roles and responsibilitiesof investment professionals,
financial fraud, and tips to help avoidbeing a fraud victim.
With me to discuss the SEC’s efforts
to protectthese athletes is Malinda Pileggi.
(01:56):
Malinda is Supervisory Attorney Advisor
within the Division of Examinations
at the SEC Chicago Regional Office.
She received her J.D., magna cum laude,
from Chicago-Kent College of Lawand her Bachelor of Business
Administration from Loyola UniversityChicago.
(02:18):
Malinda also has a Certified FraudExaminer designation
and Chartered Alternative InvestmentAnalyst designation.
While attending Loyola,Malinda was a Division 1
Track and Field student athlete.
Malinda,welcome to the Sports Business Podcast.
Thanks, Mark.Appreciate that introduction.
(02:39):
Glad to be here today to talk with you.
Also, before we begin,
these responses are providedin my official capacity
as a staff member of the Commission,but do not necessarily reflect
the views of the Commission,the commissioners or members of the staff.
So what was it like running Division1 track and what distance did you run?
(03:00):
It was a wonderful experienceand a great opportunity.
The - my event was the 400m.
So I did try the 600m, but
thought the 400m was a better fit.
And the rest is historybecause then you went to law school
and ended up at the SECtrying to help college athletes,
(03:21):
many athletes like you were inand the position you were in
to navigate the possiblefinancial minefields that they may face.
So with that, here's our first question.
The SEC is primarily a regulatory body
that covers the world of securitiesand other investments.
Why did your office become interestedin college athletes and their investments?
(03:45):
Well, one aspect of
the SEC’s mission is to protect investors.
And when we look at protecting investors,that encompasses a wide range.
And that range includes college athleteswho are susceptible to fraud,
similar to other groups or communitieswho are also at risk.
(04:06):
For example, veterans, educators,
elderly individuals, and variousminority and affinity groups.
So the SEC’s outreach eventsand our programs and providing educational
information to the investing public -
that's not new to the SEC,but this outreach program to college
(04:29):
athletesis a more recently tailored effort.
And so, with some of the recent changesand the NCAA rules and regulations,
some of the recent adjudicatedand pending matters that we've seen
through the court systems,as well as some states, implementing
name, image and likeness legislation,
college athletesnow can receive NIL offers
(04:52):
as well as compensationin and from various avenues.
And with that flow of income,that's typically followed
by fraudsters and potential fraudulentinvestment schemes.
And so our office deters misconduct.
We hold wrongdoers accountable,
(05:13):
but we also look to provide resourcesto help investors,
such as college athletes,evaluate their investment choices,
as well as make informed decisionsabout an investment professional
that may approach them or an investmentthat may be pitched to them.
We also want them to understandwhat are the warning
(05:34):
signs of financial fraud andhow to protect themselves against fraud.
And so one of the many resourceswe provide is we provide
educational and other informationthrough our outreach programs.
And your office
offers presentationsaiming to provide student athletes
with that informationso they can make informed decisions
(05:56):
about investing and selecting investmentprofessionals
to assist in those decisions.
In a nutshell, can you tell us threeor four topics that you cover?
A few topicsthat we cover in our presentation include,
you know, discussion on different typesor categories of investment professionals.
(06:16):
Per example,“What's an investment advisor?
or ”what's a broker?”We also discuss those investment
professionals - what are their obligationsto their investors?
We talk about fees, costs
and revenuesources of the investment professional
and the products and servicesthat they are offering
(06:36):
or they're going to sell to thatinvestor - how are they paid out?
We also talk abouthow to research an investment
or an offering,as well as the types of financial fraud,
as well
as what are some warning signsto be on the lookout for,
for financial fraud or tactics
that a fraudster may utilize?
(06:59):
And what are some tips to help themavoid fraud
or identifying fraudulent scenarios?
And so that's not an exhaustive list
of the topicsthat we offer for the outreach.
There is more topics that are offered.
But what we look to do is we look to workcollaboratively
with our contacts at the various schoolsso we can determine
(07:23):
which topics to present to fit the schooland the student athletes’ needs.
So there is some level of customizationto the presentations.
And our goal with the outreach programis to work with the school
and student athlete,
maybe perhaps twice a year or three timesa year, schedule permitting,
on our side and on the school side,and the student athlete’s side as well.
(07:46):
And so our program and our presentations,
they're not meant to be one and done.
We really look to work with the schoolnot only on an initial basis,
but to come back for follow onin additional presentations,
because given the ever changing landscapeof the financial industry,
there is no shortage of information ormaterial to address on our presentations.
(08:09):
And how many schools have you worked with?
We have reached out to a number of schools
and we have conducted some presentations.
So we do have more schoolsin the pipeline,
and we're looking forwardto the engagement with the schools
and scheduling more presentationsfor the student athletes.
I don't have an exact numberto quote today, but for the presentations
(08:31):
that we have done, the feedbackfrom the schools
and the studentathletes has been positive.
And how did this program evolve?
Well, I have a personal interestin the development
of this outreach program,being a former student athlete.
Things have changedsince my collegiate athletic days.
And so with those changes that we touchedon earlier within the NCAA,
(08:55):
the rules and regulationsand some of the recent court cases,
these changes, there are various potentialincome streams to college athletes
where I identified, as well as a few otherindividuals at the SEC.
We identified a need to developa particular outreach program
that was geared towardsproviding additional support,
(09:18):
information and educationto student athletes on financial fraud
as well as some of the other topicswe talked about.
And you discussedfinancial fraud and scams.
What do you tell college students
about warning signsto prevent them from getting trapped?
The different warning signs
(09:39):
and aspects of financial fraudand potential scams that we cover in
our presentations can include,you know, the too good to be true.
That promiseor the guarantee of high returns
with minimal or no risk,or that overtop language
that it doesn't really explainwhat the terms of the investment are
(10:00):
as well as it avoids discussing the risksassociated with the investments.
We also touch on high pressurizedsales tactics
that an individual or a sales personmay utilize, that
that urgency where they try to create,oh, it's a limited time offer.
And if you don't get in today or tomorrow,by the end of the week,
(10:21):
you're going to miss, you know,this opportunity for these large returns.
Also, the aspect of dissuading somebodyfrom doing their own research
or due diligence and and giving themsome time to think it over,
whether or not this investmentopportunities in their best interest.
We touch on and coveraffinity types for affinity type frauds,
(10:44):
where the focus is on a common or shared
background or experience or statements.
And that [...] opportunity is it's onlyopen to a very small number of people.
We also talk about unlicensed
or unregistered sales persons,where maybe they're approaching you
(11:05):
on an unsolicited basisand they have an investment opportunity
that you haven't really heard of before,or there is a lack of documentation
on it, meaning there's no public filing,there's no statement or prospectus.
We also discuss
the aspect of an individualor a salesperson
that is trying to sell youan investment opportunity,
(11:27):
but want you to write the check directly
to them for that investment opportunity.
So again, just a few of the warning signs.
We do cover some additional informationin our presentations about warning
signs and scams as well.
So it's again today.
It's not an exhaustive list, but just someof the aspects that we cover.
(11:49):
And traditionally,
student athletes were not compensated
for their athletic activitiesunder NCAA rules.
But the breakdown of the NCAA system
has resulted in a de factoprofessionalization of college athletes.
And does that make these programseven more important?
(12:10):
And if so, why?
Whenever there's the potential
for someone to receivesignificant payments, that makes them
the target to fraudsters, and it bringsabout different financial schemes.
So studentathletes have varying levels of experience
and knowledgewith investments and investing.
(12:34):
And over the years,there have been changes in
not only how investment opportunitiesare pitched or presented,
but who they're pitched to.
So, because college athletes may now
receive compensation from various avenues,they have the potential
to become investorsin the financial markets.
(12:57):
And some of the opportunitiesthat they're pitched or presented,
they can come in various means,for example, social media.
They can also downloadan investing app on their phone.
So they now have the opportunity to engageand transact in these opportunities.
So overall, there is an importanceto the SEC’s outreach program
(13:18):
to help protect investors,which includes college athletes
and in some instances, high schoolathletes, and provide them
with additional information
and communicatethe importance of utilizing the resources
we have available so that the athletescan educate themselves, familiarize
themselves with what's being offeredand what is this investment opportunity
(13:41):
and where they can findadditional information
to assist themselvesto make an informed decision to determine
does this investment opportunityor it does it fit the short
term or long term goals that I have,and is it in my best interest?
And you said high school. So,
have you or does the SEC planto reach out to high school athletes too,
(14:05):
because some of them can get NIL dealsin certain states?
There's definitely an interest in reachingout to high school athletes as well.
And our program is expansiveand can include that.
We are joined by Malinda Pileggi,a supervising attorney advisor
within the Division of Examinationsat the U.S.
(14:28):
Securities and Exchange Commission'sChicago Regional Office.
Do you think athletes are more susceptible
today than they were in the past,and if so, why?
[Pillegi: So athletes] they're susceptible today. (14:38):
undefined
They were susceptible last yearand they were susceptible in years prior.
However, what's occurredis there's been a transformation,
as well as an increase in the ways,
in the different ways,that individuals and companies communicate
potential incomeand investment opportunities to athletes.
(15:02):
For example, student athletes,they utilize social media platforms.
They can utilize email, text message,instant message.
So there's an increasein the number of ways
to reach an individual,not only directly, but instantly.
And you can reach somebody nowat any hour on any day.
(15:24):
And through these technological means,
the interactions,they're not just for social aspects.
They're offers for businessdeals, financial investments, contract
negotiations, sponsorship, endorsement
and other potential investmentopportunities.
And so because of the differenttechnological aspects,
(15:45):
there's a wider net of interactionand ways to communicate
with student athletes versuswhen I was a student athlete.
And so withthat comes an increased responsibility
of how to handle that aspect,because fraudsters, they follow the money.
They recycle common schemes, butthey update their pitch with new trends.
(16:08):
Blockchain, green energy, AI, cannabis.
And so the potential for a college athleteto receive significant payments,
it makes them attractive to fraudsters,as well
as different financial schemesthat may be presented to them.
Has your
office been in contactwith the Professional Sports Players
(16:30):
Association to establish programsfor professional sports athletes?
Yes, we have been in contact
with the different Professional SportsPlayers Association.
We've also had some direct contactwith some of the professional teams
and leagues,and we do have a program and presentation
for professional sports players as well.
(16:53):
And what about the Olympic Movement?
Has your office been in contactwith the United States Olympic
and Paralympic Committeeand the Olympic governing bodies?
So there has been initial contactwith the Olympic Committee,
and we do have additional follow up plan.
So our program and outreach efforts,
(17:13):
they're also designedfor potential Olympic athletes.
And what we've seen is some crossover,especially this past year
with the Summer Olympics,
where some of the Olympic athletes,they were also student athletes.
And any
other comments or thoughtsthat you may have?
So some resourcesthat an athlete can turn to
(17:36):
when they want to evaluate or obtainmore information about an investment
professional or an investment isthey can check out the SEC’s website
sec.gov, where they can look up a companyand some of their filings.
They can also utilize another websitethat the SEC
has called investor.gov,
(17:58):
where they can obtain informationabout an investment professional.
They can search the individual's name,they can search the firm.
And what that providesis it provides information on
if that person is registered,how they're registered, licenses
they may have,as well as years of experience
(18:20):
or the firm they work for,as well as any disclosable events.
For example, a regulatory action.
Also, if anyone or a school is interestedin a presentation,
they can have their athletic departmentor somebody in their career center
reach out to me to discuss the possibilityof conducting a presentation
(18:42):
for their student athletes.
It soundsreally important and really fascinating,
and it's a servicethat will be of great help to many
in the college athletes spacegiven all the changes that have happened
and will continue to happenin the next couple of years.
Unfortunately, our time has comeand we have to close.
(19:04):
On behalf of Fordham University,the Gabelli School of Business,
and the Sports Business Initiative,thanks to Malinda Pileggi
of the Chicago Office of the SECfor an engaging
and informative discussionon a very important topic.
And thanks to my producer,Victoria Ilano, for her great work.
(19:25):
And thanks to all of you for listening in.
For the Sports Business Podcastat Fordham's Gabelli School of Business.
I'm Mark Conrad or Prof. C.
Have a great day.
Hello and
welcome to the Sports Business Podcastwith Prof.
C, the podcast that exploresthe world of professional,
collegiate, amateur and Olympic sports.
I'm Mark Conrad or Prof.
C from Fordham University’s Gabelli Schoolof Business, where I serve as Professor
(00:29):
of Law and Ethics and the Directorof the Sports Business Initiative.
The growing professionalization
of college sportshas meant that many young athletes
receive compensation from name, imageand likeness agreements.
In the near future college athletes
(00:49):
may receive salariesand additional benefits.
These athletes - and athleteswho are drafted into professional leagues
- may have accessto considerable sums of money,
and with that, the potential for beingvictimized by fraudsters and scammers.
These athletes may be targetedby individuals and entities
(01:11):
because of their newly found status,
financial situation,notoriety and popularity.
The Chicago
Regional Office of the Federal Securitiesand Exchange Commission
has engaged in outreach eventscentering on college athletes.
Its staff holds events at variouseducational institutions
(01:34):
to help all college athletesbecome more informed about the SEC,
the specific roles and responsibilitiesof investment professionals,
financial fraud, and tips to help avoidbeing a fraud victim.
With me to discuss the SEC’s efforts
to protectthese athletes is Malinda Pileggi.
(01:56):
Malinda is Supervisory Attorney Advisor
within the Division of Examinations
at the SEC Chicago Regional Office.
She received her J.D., magna cum laude,
from Chicago-Kent College of Lawand her Bachelor of Business
Administration from Loyola UniversityChicago.
(02:18):
Malinda also has a Certified FraudExaminer designation
and Chartered Alternative InvestmentAnalyst designation.
While attending Loyola,Malinda was a Division 1
Track and Field student athlete.
Malinda,welcome to the Sports Business Podcast.
Thanks, Mark.Appreciate that introduction.
(02:39):
Glad to be here today to talk with you.
Also, before we begin,
these responses are providedin my official capacity
as a staff member of the Commission,but do not necessarily reflect
the views of the Commission,the commissioners or members of the staff.
So what was it like running Division1 track and what distance did you run?
(03:00):
It was a wonderful experienceand a great opportunity.
The - my event was the 400m.
So I did try the 600m, but
thought the 400m was a better fit.
And the rest is historybecause then you went to law school
and ended up at the SECtrying to help college athletes,
(03:21):
many athletes like you were inand the position you were in
to navigate the possiblefinancial minefields that they may face.
So with that, here's our first question.
The SEC is primarily a regulatory body
that covers the world of securitiesand other investments.
Why did your office become interestedin college athletes and their investments?
(03:45):
Well, one aspect of
the SEC’s mission is to protect investors.
And when we look at protecting investors,that encompasses a wide range.
And that range includes college athleteswho are susceptible to fraud,
similar to other groups or communitieswho are also at risk.
(04:06):
For example, veterans, educators,
elderly individuals, and variousminority and affinity groups.
So the SEC’s outreach eventsand our programs and providing educational
information to the investing public -
that's not new to the SEC,but this outreach program to college
(04:29):
athletesis a more recently tailored effort.
And so, with some of the recent changesand the NCAA rules and regulations,
some of the recent adjudicatedand pending matters that we've seen
through the court systems,as well as some states, implementing
name, image and likeness legislation,
college athletesnow can receive NIL offers
(04:52):
as well as compensationin and from various avenues.
And with that flow of income,that's typically followed
by fraudsters and potential fraudulentinvestment schemes.
And so our office deters misconduct.
We hold wrongdoers accountable,
(05:13):
but we also look to provide resourcesto help investors,
such as college athletes,evaluate their investment choices,
as well as make informed decisionsabout an investment professional
that may approach them or an investmentthat may be pitched to them.
We also want them to understandwhat are the warning
(05:34):
signs of financial fraud andhow to protect themselves against fraud.
And so one of the many resourceswe provide is we provide
educational and other informationthrough our outreach programs.
And your office
offers presentationsaiming to provide student athletes
with that informationso they can make informed decisions
(05:56):
about investing and selecting investmentprofessionals
to assist in those decisions.
In a nutshell, can you tell us threeor four topics that you cover?
A few topicsthat we cover in our presentation include,
you know, discussion on different typesor categories of investment professionals.
(06:16):
Per example,“What's an investment advisor?
or ”what's a broker?”We also discuss those investment
professionals - what are their obligationsto their investors?
We talk about fees, costs
and revenuesources of the investment professional
and the products and servicesthat they are offering
(06:36):
or they're going to sell to thatinvestor - how are they paid out?
We also talk abouthow to research an investment
or an offering,as well as the types of financial fraud,
as well
as what are some warning signsto be on the lookout for,
for financial fraud or tactics
that a fraudster may utilize?
(06:59):
And what are some tips to help themavoid fraud
or identifying fraudulent scenarios?
And so that's not an exhaustive list
of the topicsthat we offer for the outreach.
There is more topics that are offered.
But what we look to do is we look to workcollaboratively
with our contacts at the various schoolsso we can determine
(07:23):
which topics to present to fit the schooland the student athletes’ needs.
So there is some level of customizationto the presentations.
And our goal with the outreach programis to work with the school
and student athlete,
maybe perhaps twice a year or three timesa year, schedule permitting,
on our side and on the school side,and the student athlete’s side as well.
(07:46):
And so our program and our presentations,
they're not meant to be one and done.
We really look to work with the schoolnot only on an initial basis,
but to come back for follow onin additional presentations,
because given the ever changing landscapeof the financial industry,
there is no shortage of information ormaterial to address on our presentations.
(08:09):
And how many schools have you worked with?
We have reached out to a number of schools
and we have conducted some presentations.
So we do have more schoolsin the pipeline,
and we're looking forwardto the engagement with the schools
and scheduling more presentationsfor the student athletes.
I don't have an exact numberto quote today, but for the presentations
(08:31):
that we have done, the feedbackfrom the schools
and the studentathletes has been positive.
And how did this program evolve?
Well, I have a personal interestin the development
of this outreach program,being a former student athlete.
Things have changedsince my collegiate athletic days.
And so with those changes that we touchedon earlier within the NCAA,
(08:55):
the rules and regulationsand some of the recent court cases,
these changes, there are various potentialincome streams to college athletes
where I identified, as well as a few otherindividuals at the SEC.
We identified a need to developa particular outreach program
that was geared towardsproviding additional support,
(09:18):
information and educationto student athletes on financial fraud
as well as some of the other topicswe talked about.
And you discussedfinancial fraud and scams.
What do you tell college students
about warning signsto prevent them from getting trapped?
The different warning signs
(09:39):
and aspects of financial fraudand potential scams that we cover in
our presentations can include,you know, the too good to be true.
That promiseor the guarantee of high returns
with minimal or no risk,or that overtop language
that it doesn't really explainwhat the terms of the investment are
(10:00):
as well as it avoids discussing the risksassociated with the investments.
We also touch on high pressurizedsales tactics
that an individual or a sales personmay utilize, that
that urgency where they try to create,oh, it's a limited time offer.
And if you don't get in today or tomorrow,by the end of the week,
(10:21):
you're going to miss, you know,this opportunity for these large returns.
Also, the aspect of dissuading somebodyfrom doing their own research
or due diligence and and giving themsome time to think it over,
whether or not this investmentopportunities in their best interest.
We touch on and coveraffinity types for affinity type frauds,
(10:44):
where the focus is on a common or shared
background or experience or statements.
And that [...] opportunity is it's onlyopen to a very small number of people.
We also talk about unlicensed
or unregistered sales persons,where maybe they're approaching you
(11:05):
on an unsolicited basisand they have an investment opportunity
that you haven't really heard of before,or there is a lack of documentation
on it, meaning there's no public filing,there's no statement or prospectus.
We also discuss
the aspect of an individualor a salesperson
that is trying to sell youan investment opportunity,
(11:27):
but want you to write the check directly
to them for that investment opportunity.
So again, just a few of the warning signs.
We do cover some additional informationin our presentations about warning
signs and scams as well.
So it's again today.
It's not an exhaustive list, but just someof the aspects that we cover.
(11:49):
And traditionally,
student athletes were not compensated
for their athletic activitiesunder NCAA rules.
But the breakdown of the NCAA system
has resulted in a de factoprofessionalization of college athletes.
And does that make these programseven more important?
(12:10):
And if so, why?
Whenever there's the potential
for someone to receivesignificant payments, that makes them
the target to fraudsters, and it bringsabout different financial schemes.
So studentathletes have varying levels of experience
and knowledgewith investments and investing.
(12:34):
And over the years,there have been changes in
not only how investment opportunitiesare pitched or presented,
but who they're pitched to.
So, because college athletes may now
receive compensation from various avenues,they have the potential
to become investorsin the financial markets.
(12:57):
And some of the opportunitiesthat they're pitched or presented,
they can come in various means,for example, social media.
They can also downloadan investing app on their phone.
So they now have the opportunity to engageand transact in these opportunities.
So overall, there is an importanceto the SEC’s outreach program
(13:18):
to help protect investors,which includes college athletes
and in some instances, high schoolathletes, and provide them
with additional information
and communicatethe importance of utilizing the resources
we have available so that the athletescan educate themselves, familiarize
themselves with what's being offeredand what is this investment opportunity
(13:41):
and where they can findadditional information
to assist themselvesto make an informed decision to determine
does this investment opportunityor it does it fit the short
term or long term goals that I have,and is it in my best interest?
And you said high school. So,
have you or does the SEC planto reach out to high school athletes too,
(14:05):
because some of them can get NIL dealsin certain states?
There's definitely an interest in reachingout to high school athletes as well.
And our program is expansiveand can include that.
We are joined by Malinda Pileggi,a supervising attorney advisor
within the Division of Examinationsat the U.S.
(14:28):
Securities and Exchange Commission'sChicago Regional Office.
Do you think athletes are more susceptible
today than they were in the past,and if so, why?
[Pillegi: So athletes] they're susceptible today. (14:38):
undefined
They were susceptible last yearand they were susceptible in years prior.
However, what's occurredis there's been a transformation,
as well as an increase in the ways,
in the different ways,that individuals and companies communicate
potential incomeand investment opportunities to athletes.
(15:02):
For example, student athletes,they utilize social media platforms.
They can utilize email, text message,instant message.
So there's an increasein the number of ways
to reach an individual,not only directly, but instantly.
And you can reach somebody nowat any hour on any day.
(15:24):
And through these technological means,
the interactions,they're not just for social aspects.
They're offers for businessdeals, financial investments, contract
negotiations, sponsorship, endorsement
and other potential investmentopportunities.
And so because of the differenttechnological aspects,
(15:45):
there's a wider net of interactionand ways to communicate
with student athletes versuswhen I was a student athlete.
And so withthat comes an increased responsibility
of how to handle that aspect,because fraudsters, they follow the money.
They recycle common schemes, butthey update their pitch with new trends.
(16:08):
Blockchain, green energy, AI, cannabis.
And so the potential for a college athleteto receive significant payments,
it makes them attractive to fraudsters,as well
as different financial schemesthat may be presented to them.
Has your
office been in contactwith the Professional Sports Players
(16:30):
Association to establish programsfor professional sports athletes?
Yes, we have been in contact
with the different Professional SportsPlayers Association.
We've also had some direct contactwith some of the professional teams
and leagues,and we do have a program and presentation
for professional sports players as well.
(16:53):
And what about the Olympic Movement?
Has your office been in contactwith the United States Olympic
and Paralympic Committeeand the Olympic governing bodies?
So there has been initial contactwith the Olympic Committee,
and we do have additional follow up plan.
So our program and outreach efforts,
(17:13):
they're also designedfor potential Olympic athletes.
And what we've seen is some crossover,especially this past year
with the Summer Olympics,
where some of the Olympic athletes,they were also student athletes.
And any
other comments or thoughtsthat you may have?
So some resourcesthat an athlete can turn to
(17:36):
when they want to evaluate or obtainmore information about an investment
professional or an investment isthey can check out the SEC’s website
sec.gov, where they can look up a companyand some of their filings.
They can also utilize another websitethat the SEC
has called investor.gov,
(17:58):
where they can obtain informationabout an investment professional.
They can search the individual's name,they can search the firm.
And what that providesis it provides information on
if that person is registered,how they're registered, licenses
they may have,as well as years of experience
(18:20):
or the firm they work for,as well as any disclosable events.
For example, a regulatory action.
Also, if anyone or a school is interestedin a presentation,
they can have their athletic departmentor somebody in their career center
reach out to me to discuss the possibilityof conducting a presentation
(18:42):
for their student athletes.
It soundsreally important and really fascinating,
and it's a servicethat will be of great help to many
in the college athletes spacegiven all the changes that have happened
and will continue to happenin the next couple of years.
Unfortunately, our time has comeand we have to close.
(19:04):
On behalf of Fordham University,the Gabelli School of Business,
and the Sports Business Initiative,thanks to Malinda Pileggi
of the Chicago Office of the SECfor an engaging
and informative discussionon a very important topic.
And thanks to my producer,Victoria Ilano, for her great work.
(19:25):
And thanks to all of you for listening in.
For the Sports Business Podcastat Fordham's Gabelli School of Business.
I'm Mark Conrad or Prof. C.
Have a great day.
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