Under a federal sports betting investigation, the NBA’s Malik Beasley has been dealing with years of financial problems and lawsuits. [Image: Shutterstock.com]
Lawsuits galore
The bad news keeps mounting for NBA three-point sharpshooter Malik Beasley. According to The Detroit News, Beasley has faced or is still currently facing several lawsuits surrounding money he allegedly owes several companies.
amidst a federal investigation into his possible connection to suspicious betting on his play
Beasley’s legal troubles, which date back several years, come amidst a federal investigation into his possible connection to suspicious betting on his play, specifically during the 2023-2024 season when he was a member of the Milwaukee Bucks.
Beasley played for the Detroit Pistons this past season and had an excellent year. So much so, in fact, that the Pistons were reportedly ready to sign him to a three-year, $42m deal, a contract which has now been withdrawn.
Borrowing and spending more than he can repay
According to court documents examined by The Detroit News, Beasley was sued by South River Capital, LLC, a company that loans money to professional athletes. South River won a $5.8m judgment against Beasley in 2022, though the reason Beasley borrowed the money is not publicly known.
charge extremely high interest rates and outrageous fees that border on usury”
“It is very common for professional athletes to go to third-party lenders and get advances on contracts. It’s a part of the business of professional sports,” Beasley’s attorney, Steve Haney told The News. “Many of these lenders are predatory and charge extremely high interest rates and outrageous fees that border on usury.”
Court records show that Beasley did pay $1.13m to South River Capital in 2023.
Twice this year, the David Stott Building (“The Stott”) in Detroit sued Beasley for unpaid rent on an apartment. The first lawsuit, for $14,150 in March, was dismissed. The second, filed in June for $7,355, is still pending.
In January of this year, Cairo Cuts, a celebrity barbershop in Milwaukee, won a $26,827 judgment against Beasley. That same month, Dr. Hassan Alshehabi, owner of the Delicate Smiles dental practice in Glendale, a Milwaukee suburb, won a $34,390 default judgment against Beasley and began garnishing his wages the following month.
The latest lawsuits came just months after Beasley signed a bridge loan with Florida-based Aliya Capital Partners, putting up his NBA contracts as collateral.
Fishy prop bets
All these revelations come as Beasley sits under the cloud of a federal investigation into his possible connection to suspicious gambling on NBA games. ESPN reported over the weekend that “at least one prominent US sportsbook” flagged suspicious activity on prop bets involving Beasley’s stats starting in January 2024.
One example provided by ESPN was from a January 31, 2024 contest between Beasley’s then-team, the Bucks, against the Portland Trail Blazers. Money flooded in on the 2.5-rebound “under” prop bet shortly before the game, moving the line from +120 to -250. Beasley grabbed six boards, so he foiled those bettors’ plans.
Beasley has not been charged with anything, as the investigation is still ongoing.
Depending on the results of the federal probe, Malik Beasley’s NBA career could be in jeopardy, if it is not already. In April 2024, the Toronto Raptors’ Jontay Porter was banned for life for intentionally manipulating his playing time so that a group of co-conspirators could cash in on his “under” prop bets.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
