Dennis Rodman's on a binge, financial advisor says

This is so sad. It really bothers me that so many athletes, especially, African Americans end up broke. Most of the time it has to do with some sort of addictions, divorce, and child support. I will be glad when they get some real financial advise before it is too late. Or maybe they should listen to the advise they are given!

Dennis Rodman is in desperate need of a rebound.

An Orange County court commissioner Tuesday told the NBA Hall of Famer he faces a possible 20-day jail stint for contempt of court unless he comes up with $860,376 in child and spousal support he owes his ex-wife by May 29, though it’s likely he could get community service time instead, or have the charges dismissed.

Either way, Rodman’s attorney and his financial advisor say, their client’s broke.

“In all honesty, Dennis, although a very sweet person, is an alcoholic,” said Peggy Williams, his financial advisor. “His sickness impacts his ability to get work.”

When his third wife, Michelle Rodman, sued him for divorce in 2004, Rodman sold his oceanfront party pad in Newport Beach. At the time, he listed his previous year’s income as $570,000. He said he had $3.4 million in property and $1.45 million in stocks and bonds.

But, he said, maintaining his hard-charging lifestyle was costing him more than $31,000 a month.

The couple has spent several years attempting to reconcile, but the marriage was dissolved a few weeks ago after his wife petitioned the court again.

“This case, especially his wife filling for divorce, has put him on a binge that I have never seen before,” Williams said. Rodman, she said, no longer has a job, savings or even a checking account.

Read more at source