Philadelphia Phillies third baseman Alec Bohm has filed a lawsuit against his parents, Daniel and Lisa Bohm, alleging they misappropriated millions of dollars from his financial accounts. The lawsuit, filed in the Philadelphia Court of Common Pleas, seeks at least $3 million in damages, along with interest, penalties, and an accounting of the funds in question.
Core Allegations
Bohm claims his parents set up two limited liability companies (LLCs) in 2019 to manage his growing assets, telling him they would hold a 10% stake in the LLCs while he retained ownership of all funds. The lawsuit alleges that his parents used these LLCs, as well as a foundation launched in his name, to funnel money into accounts for their own use. Bohm asserts that his parents refused to provide him with access to the accounts or information about their management, leading him to believe they had converted a significant amount of his earnings for personal use.
Parents' Response
Through their attorney, Daniel and Lisa Bohm denied the allegations, stating they have always acted in Alec's best interests and that the lawsuit's claims are without merit. They expressed sadness over the allegations and the narrative presented in the lawsuit.
Financial Background
Bohm, who joined the Phillies as the third pick in the 2018 MLB Draft, has earned nearly $19.6 million in his career, with an additional $10.2 million due by 2026. The lawsuit claims that his parents transferred millions of dollars from his personal accounts to those they controlled, freezing him out of four LLCs.
Legal and Financial Context
The lawsuit highlights the complexities of managing the finances of professional athletes, particularly when family members are involved. It also raises questions about the oversight and transparency of financial arrangements involving LLCs and foundations established for athletes' earnings.
Impact on Bohm's Career
The lawsuit was filed just before the Phillies' season opener, with Bohm contributing to the team's 5-3 win over the Texas Rangers. The legal proceedings could have implications for his financial stability and future earnings, depending on the outcome of the case.