Having Bought a $4.5 Million Faulty Private Jet, Scottie Pippen Was Scammed Out of $3.2 Million by a Trusted Advisor

Scottie Pippen rose to unimaginable heights with the Chicago Bulls. However, unlike many stars of his caliber, Pippen was criminally underpaid. But that did not mean he was not a rich man. His term with the Portland Trail Blazers improved his net worth by a lot.  But certain irrational decisions hurt Pippen financially. After all, he is the man who bought a faulty jet plane and paid $4.5 million for it. Though, the way his financial advisor took advantage of Pippen almost makes you feel sorry for him.

Scottie Pippen played for three different teams during his career. In his 13 seasons with the Chicago Bulls, Pippen made just $32.6 million. That amounts to only $1.8 million per season.

Luckily he was paid a lot more in Portland and Houston. Perhaps that’s what allowed him to make those questionable purchases. And maybe if he was a bit smarter with his money and people, he wouldn’t have been betrayed so brutally.

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Scottie Pippen was scammed out of $3.2 million

Scottie Pippen was suggested a financial advisor by the Bulls when he was still a player with them. Lunn, who once worked with Morgan Stanley and Lehman Brothers, received $20 million from Scottie for investment purposes.

However, the advisor indulged in fraud and borrowed money under fraudulent names. He apparently scammed Pippen out of $3.5 million.

The judge overseeing the case ordered Lunn to serve three years in jail and also asked him to pay Pippen $400,000. Not exactly the complete amount that Lunn owed Pippen but still better than nothing at all.

This wasn’t a first for Pippen. He had also been scammed into buying a private jet that didn’t work. Apparently, Pippen paid a whopping $4.5 million for the jet. But he did not know at the time of buying it that he needed to pump $1 million more into the repairs.

However, like the Lunn case, Pippen received a part of his payment back. As per the South Florida Business Journal, Pippen was awarded $2.3 million back. Not the greatest deal in our opinion.

How much did Pippen make in his NBA career?

Despite his poor pay in Chicago, Scottie made for it after he left his first club. As per spotrac, while Scottie Pippen made just $32.6 from Chicago, his total career earnings exceeded $100 million.

The majority of Pippen’s earnings came from Portland. He made twice the money in Portland in just 4 seasons than he did playing 13 in Chicago. He made an impressive $66.5 million with the Blazers with an added $11 million from Houston.

Also read: “Michael Jordan Would Cheap Shot You and Look at Ref For Help”: Former Knicks Guard, Who Punched Kobe Bryant, Once Said MJ is the ‘Dirtiest Ever’