Tennis Legend Boris Becker Sentenced To 2 And 1/2 Years In Jail On Bankruptcy Fraud Charges In London

Tennis Legend Boris Becker Sentenced To 2 And 1/2 Years In Jail On Bankruptcy Fraud Charges In London

April 29. 2022

Boris Becker

54-year-old tennis legend, Boris Becker, has been sentenced to 2 and 1/2 years in prison for bankruptcy fraud. The trial took place in London, England, where Becker has resided for years. He was convicted of four charges under the Insolvency Act for committing bankruptcy fraud in 2017. Becker was acquitted of 20 other charges.

Yahoo News reported, Officials said Boris Becker hid millions in assets and transferred money after declaring bankruptcy in 2017." Becker was convicted of hiding assets regarding personal and business matters, and disbursing money to his ex-wife and estranged wife.

Becker was forced into insolvency when he defaulted on two loans totaling $6,200,000. Becker's fortune was once $50,000,000. However, child support and alimony payments, as well as business expenses, depleted his fortune.

Many entertainers and athletes suffer from bad financial planning. Some business ventures are simply too risky to spend large sums of money on. It is better to start with a small business venture and build on that, than go big and lose everything.

It is also important to save money. There's nothing wrong with having a government backed savings account. Savings for the proverbial rainy day is wise. Don't always expect revenue streams to remain active. Becker expressed to the court that he had no revenue streams at this point in his career. This is why proper financial planning using insured, licensed, credible companies is essential.

I'm sorry things have turned out this way for Becker. Hopefully, Boris will bounce back. No disrespect to the British courts; I do respect your verdict, but I'd much rather see you lock up that other Boris (LOL): Britain's Prime Minister Boris Johnson Under Investigation By The Metropolitan Police For Blackmailing Members Of Parliament And Violating Pandemic Rules.