How Did Dennis Rodman Lose His Money

Dennis Rodman was always an interesting character, both on and off the pitch. He represents a combination of talent, wildness, and passion. A former basketball had an exceptional career. For example, he was a part of the legendary generation of Chicago Bulls where he was ranked pretty high despite the names of Scottie Pippen and Michael Jordan. He has the nickname “The Worm” for some reason. His everyday life was strange to the public back in the day. However, this kind of behavior is regarded as gender identity changes, who are accepted as fluid. He even wore a wedding dress in order to promote his autobiographical book called “Bad as I Wanna Be”.

He often had a strange color of hair, which sometimes looked like it has all of the colors of the rainbow. When it comes to his personal life, he was hanging around Carmen Electra, who he married at some point, and Madonna. Because of his great talent for basketball and his unusual appearance, he was able to earn a significant amount of wealth over the years. At the zenith of his popularity, he had more than $27 million. Today, according to the sources for 2020, his net worth is around $500,000. He didn’t have enough moments to pay child support to his children. You probably ask yourself what led to the bankruptcy of, at one time, one of the most popular people of his time.

He Fell for a Financial Scam

It looks like one of the most significant losses in his life wasn’t his fault. He trusted a person he shouldn’t. He was just one of many sportsmen who were scammed by a woman who was pretending to be a financial advisor. Her name is Peggy Ann Fulford, and she managed to scam several celebrities with her fake Hardware diploma. They were pretty close and he even dedicated the speech he gave on Hall of Fame back in 2011. He thanked her for taking care of his finances.

At one point, he wondered why his electricity was cut off in his home in Florida. After this occurrence, he managed to recognize all of the dangers of his financial advisor. When the situation was resolved, we witness several statements from people close to him who were talking about him being unable to pay insurance payments and alimentation for his children. The climax occurred when he took control of his finances and was sentenced to ten years in prison for transportation of stolen property.

Legal Troubles and Fines

All of this information doesn’t mean that he didn’t have some high expenses in several fields. Back in 2012, he owed more than $850k for spousal and child supports. At the same time, he was spending too much money on alcohol and strip clubs. However, it’s not know how much of his money was lost in the scam and how much he spent on other things in his life.

At the same time, he had some serious legal problems. He was indicted for DI and he paid $2,000. He was arrested with his ex-wife. Back when he was a sportsman, he needed to pay $200,000 after he kicked a referee in a match. Later, he was fined for leaving his team in the 1998’s playoffs. Even though he had many controversies throughout his career, he is still considered to be a great athlete. Michael Jordan, at one point, stated that he is one of the smartest and best players he played with. Because of his lifestyle, it’s no surprise that he had financial struggles for almost his whole life.