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From the Ballpark to the Boardroom: Beyond Financial Scandals and Finding True Passion

From the Ballpark to the Boardroom: Beyond Financial Scandals and Finding True Passion

April 26, 2024

The Unseen Impact of Financial Scandals

Hello, everyone. I'm Kevin Thompson, former baseball player, and your host for today's insightful discussion. I want to extend my heartfelt gratitude to all of you. If you haven't already, please subscribe to our channel The 9Innings Podcast,  and don't forget to check out my book, MLB 2 CFP® available on Apple and Amazon. Your questions, comments, and concerns are always welcome; feel free to reach out via email or schedule an appointment through our website.

A Conversation with Matt Drews: From Financial Advisor to Real Estate Developer

In this episode The Stanford Ponzi Scheme, I had the privilege of sitting down with Matt Drews, my former financial advisor with the Stanford Company and a fellow former professional baseball player. Matt's journey is not just a story of career transitions but also a tale of resilience and reinvention in the face of adversity.

Matt and I first crossed paths in 2008, and his extensive family history in banking, coupled with his dedication to representing athletes in the financial sector, played a pivotal role in igniting my interest in finance and investing. It's a testament to the power of mentorship and the impact one individual can have on another's career trajectory.

The Stanford Company Collapse: A Cautionary Tale

Our conversation took a deep dive into our shared experiences with the Stanford Company, a financial firm that was embroiled in a Ponzi scheme. Matt recounted the initial appeal of the company's open architecture system and the due diligence that went into investing in international bank CDs. However, the discovery of investment discrepancies led to a run on the bank and the company's eventual downfall.

The aftermath was nothing short of a nightmare for many, including Matt, whose assets were frozen indefinitely. The legal battles that ensued and the lack of restitution for innocent victims like himself underscored the financial and personal devastation caused by such scandals.

The Silver Lining: Lessons Learned and New Beginnings

Despite the turmoil, Matt shared a powerful perspective, stating that the ordeal was one of the best things to happen to him. It taught him resilience and the importance of moving forward with one's head held high. This sentiment resonates with me deeply, as the challenges I faced in the wake of the scandal fueled my determination to succeed and advocate for change within the industry.

The lack of accountability and restitution for those affected by the Ponzi scheme is a glaring issue that regulatory bodies must address. It's crucial to provide support for victims and implement measures to prevent future financial disasters.

A Blessing to the Industry: Fighting for Change and Equality

My passion for financial planning and the drive to combat discrimination in the industry have only grown stronger because of these experiences. The ongoing anti-discrimination lawsuits against major banks and institutions highlight the systemic challenges that advisors like myself face, particularly those from minority communities. I'm committed to fighting for equality and justice in the financial sector.

A Message to Athletes: You Are More Than Your Sport

Matt's advice to athletes is profound: recognize that you are more than the jersey you wear. The drive and work ethic that lead to success in sports can be channeled into new ventures post-retirement. It's about creating a new identity and pursuing passions with the same fervor.

The Challenge of Transition: Finding New Passions After Sports

Transitioning from a life dedicated to sports to finding a new purpose can be daunting. It's hard to replace the competitiveness of professional sports, but there are many rewarding aspects of life that await beyond the field. It's about taking the discipline and determination honed in sports and applying it to new pursuits.

Gratitude and Moving Forward

I want to extend a special thanks to my wife, Sherae Thompson, for inspiring me to invite Matt onto the podcast. To all of you listening, remember to stay humble and safe. I look forward to our next conversation, where we'll continue to educate, empower, and engage.

Thank you, Matt Drews, for joining me today and sharing your incredible journey. Your story is a beacon of hope and a reminder that with passion and perseverance, we can overcome even the most challenging obstacles.

Until next time, this is Kevin Thompson, signing off.

9i Capital Group LLC is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.