Felix Trinidad will get a bit of debt relief after blowing $63 million ON bad investments.
As part of the agreement, the Puerto Rico boxing legend won’t have to immediately pay the $2.9 million being sought by Banco Popular.
Felix Trinidad and his father had filed a complaint with the Financial Industry Regulatory Authority claiming that an adviser duped him out of $63 million through bad investments. The adviser, Jose Ramos, has denied the allegations.
Trinidad earned an estimated $90 million over the course of his 15-year boxing career, but appears to have gotten caught up in the Puerto Rico bond market. During his career the United States territory had a booming economy, but when it crashed investors quickly sold off bonds, leading to a crash that left government bonds rated as “junk.”
Felix Trinidad is claiming that he wanted to steer clear of risky investments, but that Jose Ramos didn’t follow his instructions and instead invested in these shaky bonds.
From RingTV.com’s Diego Morilla:
… Even though Ramos supposedly had a very specific mandate to make the most conservative possible investments to protect that fund, he instead reportedly gambled heavily on Puerto Rican government bonds, which were recently downgraded to “junk bond” status. The beleaguered island-state (a “free-associated state” of the United States) is currently under enormous financial stress, and most of the local financial industry is in turmoil.
Trinidad finished his boxing career with a record of 42-3 with 35 KO, and at various points he held titles at 147, 154, and 160 pounds. He also had several retirements, but the ring kept calling him back.
Though his debt worries may not be entirely gone, Felix Trinidad does have at least one bright point in his future. He is set to be inducted in the International Boxing Hall of Fame on June 8.