While Ed Snider pumps himself, here’s Peter Laviolette pumping his own gas. Because fired coaches are just like you!
Strange week for Lavs. Over the weekend, it was reported that he and his wife are suing Bank of America for being the greedy, non-tax paying establishment that they are:
Laviolette and his wife, Kristen Laviolette, are suing Bank of America BAC -1.35% for $3 million, alleging that the bank lured them into an investment that essentially amounted to a money-losing, get-rich-quick scheme.
In a lawsuit filed Sept. 25 in Palm Beach County, the Laviolettes claim that the trouble started in 2006. Peter Laviolette had just coached the Carolina Hurricanes to the Stanley Cup championship, and Bank of America approached him and his wife with a proposal.
According to the lawsuit, Bank of America advised the Laviolettes to leverage the equity in their three homes into several high-interest loans, and then to invest the loan proceeds into other “purportedly sound, but ultimately high-risk” investments that Bank of America would manage.
The Laviolettes own three homes, according to their lawsuit: their main residence in Bradenton Beach, Fla., plus homes in Longboat Key, Fla., and Raleigh, N.C. Their main residence is in Manatee County; they say they filed the lawsuit in Palm Beach County because Bank of America “regularly transacts business” there.
The Laviolettes say they were told that the strategy “would build great wealth with minimum risk.” One document told them, they said, that they’d increase their net worth from about $8 million to $22 million in 30 years.
So the Laviolettes went for it, but things didn’t turn out as they had planned. They say the bank invested their money into funds that “utterly collapsed” and lost some of their principal investment. What’s more, they say the bank misled them in order to get them to sign up for the strategy — relying on fraudulent property appraisals and unreasonable rates of return, and not clarifying that they’d need to continue contributing money each month in order to reach the $22 million goal, they allege.
And then today he was fired.
Of course, when you get fired as a coach in professional sports, you still get paid. Laviolette’s salary information isn’t available (that I can find), but, in 2012, he was extended through the end of the 2014-2015 season. In fact, he’s going to earn all but three games of his extension (contract was originally due to expire in in 2013) without doing a damn thing.
Hard to tell who makes worse investments– Laviolette and his wife or the Flyers.