Today is Len Dykstra’s 47th birthday, and apparently to celebrate, he’s launched another rip-off investment site to steal your money. (Masochists: find it yourself.)
(Cutter Dykstra: What did Dad Len Do With His $737,000 bonus?)
Case you don’t know, Dykstra filed for Chapter 11 bankruptcy last July, listing fewer than $50,000 in assets against $10 to $50 million dollars in liabilities.
But three months before that filing, Dykstra told Mike Fish of ESPN.com that his net worth was, “60 million.” If that was indeed true, Dykstra succeeded in losing up to $110M in around 90 days.
Dykstra not only hoodwinked the media about his fake investment ability, he may have deceived his son. Cutter Dykstra was the 54th pick in the 2008 MLB draft by the Milwaukee Brewers. For signing with Milwaukee, Cutter received a $737,000 bonus from the club.
In July, 2008, Cutter did an interview with Brewers blog BrewCrewBall.com and talked about what he did with his bonus money.
BCB: You got a pretty hefty bonus–did you dad have any sage financial advice for you?
CD: (laughs) I just gave him my check, and he will invest some of it for me.
BCB: It’s a good thing your dad knows a little bit more about money than Prince Fielder’s. Did you hear about that?
CD: No, I didn’t hear about it. What happened?
BCB: Cecil took $200,000 of Prince’s signing bonus and most likely gambled it away.
CD: (laughs) Yeah, that’s brutal.
On August 30, 2009, a little over a year after Cutter’s now-unbelievably sad remarks about his dad, the HELENA (MT) INDEPENDENT RECORD reported that Len Dykstra was in town to watch son Cutter play for his minor league team.
Kevin Coughlin, a Pulitzer Prize-winning photojournalist who wrote an account of working with Dykstra during the demise of The Players Club magazine for GQ Magazine, added this via his blog:
Somehow, the man last reported to be living in his car - by his own account - managed to somehow get out to Helena, MT. Wonder whose credit card he used? (Hell, he used mine for the same trip a year ago - WITHOUT my OK!)
It was revealed by sources this week that Dykstra had to be removed by police as he was attempting to make contact with his son. It is not clear if the removal took place at the stadium or the team’s hotel, but one thing is clear: It looks like Cutter wants very little to do with his daddy.
I’m not claiming that Len Dykstra lost his son’s bonus money. Perhaps it was “invested” and left alone. Though based on Len Dykstra’s abhorrent track record with business associates, creditors and his now-estranged wife, is it reasonable to surmise that daddy Dykstra may have blown most-to-all of his son’s high six-figure bonus?
UPDATE (3:41p ET): A source with knowledge of Len Dykstra’s financial situation alleges that Cutter’s bonus money was placed “in a joint account in the Atlanta bank that also held Dykstra’s promissory notes on his car wash (business) sales.”
Though the source did not provide the name of the alleged bank, in his bankruptcy filing, Len Dykstra lists a $3.5M debt to Rockbridge Bank of Atlanta, GA.
3:20 pm on February 10th, 2010
Of course he blew it. He’s one of the greediest bastards that ever walked this earth.
3:28 pm on February 10th, 2010
Len Dykstra is a complete loser. Like a lot of idiots, they think that because they made a lot of money (NOT in the marke, mind you, but for playing ball) that they must be smarter than everyone else.
Every time a jock blows himself up financially, it is sad. All that money and not smart enough to admit that they don’t know how the hell to manage it.
Would they let guy off the street act as their doctor? No, they would want a pro who had been to med school. But they have no problem giving their money to ‘friends’ or worse, looking after it themselves.
Very, very sad.
4:57 pm on February 10th, 2010
don’t be sad about this, these grich foolish jocks are great for the economy…..the millions they spend filters thru the economy, keeping folks working….the more foolish they are, the faster the economy grows….thanks lenny….
5:25 pm on February 10th, 2010
usher, please explain how someone claiming bankruptcy (with huge amounts of debt in this case) grows our economy.
6:15 pm on February 10th, 2010
pontiac lion…gosh, are you that near sighted?….try to see further than the end of your nose….if you pay some one a billion dollars and they blow it all….were does it go?….obciously back into the economy…even leaving a legacy of bad debts keeps people employed unwinding it….
6:31 pm on February 10th, 2010
yeah, but there are still people that are claiming one billion that is owed to them according to your theory. trust me, people claiming bankruptcy does NOT grow the economy, thurston howell.
7:00 pm on February 10th, 2010
Usher,
Nice try. But it’s pretty clear you weren’t an economy major. No offense, but that’s one of the dumbest comments of all time.
6:09 am on February 11th, 2010
I feel sorry for his son. All these years we kept hearing how Dykstra was a financial genius and all he was doing was just lying his ass off to everybody–the public, his family and financial institutions. He must be psychologically ill, seriously. Memo to the world: financial genius’ don’t spring up from professional athletic careers where you spend all of your time playing cards, taking batting practice, and fucking around in general.
11:11 am on February 11th, 2010
dave, none taken…but next time the economy looks like it’s going into recession..take 100 dollars and invest it in a company that handles foreclosures and bankruptcy…you should make enough to move out of your mom’s basement…no offence but you and pontiac lion should get together
12:27 pm on February 11th, 2010
Turns out the colorful and quirky Nails was a nut all along. A nut with money.
12:32 pm on February 11th, 2010
check it Brooks,, Len, rather the Bank sold the Simi Valley Car wash years ago. He hasn’t had anything to do with it or the defaulted loan for a long time. ,, so your update source is bunk.. It is still a great Car Wash.
5:00 pm on February 11th, 2010
To be fair to Lenny, the bankruptcy documents have categories for the amount of assets and debts. On the bankruptcy petition there is a category of 0-50,000, 50,001-100,000, etc. The category that Lenny is in is the 10,000,001-50,000,000. That means he may have only lost 70,000,001.
2:46 am on June 12th, 2010
I know the dykstra family personally. Cutter is a great kid. Very respectfull nice and has a bunch of tallent. His father does have a mental illness. No one should be laughing at the sit. Dotn feel bad for lenny cus he’s physco but def feel bad for his family.
10:25 pm on June 25th, 2010
Leave the dykstra family alone, they have enough to deal with…
12:50 pm on December 22nd, 2010
I taught Lenny everything he knows, and can assure you he’s legit.