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Old 04-11-2014, 12:59 PM   #1
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Default Felix Trinidad Reportedly Broke

Sounds like his adviser was a real dirtbag.

Wonder if we'll end up seeing him in the ring again.

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According to an article published on Thursday by Puerto Rican newspaper [Only registered and activated users can see links. ], former three-division champion Felix “Tito” Trinidad is broke and seeking court-mandated relief on his personal debt after finding out that his top aide, Jose “Pepe” Ramos, squandered over $63 million on now-worthless government bonds.

Ramos was Trinidad’s personal English-Spanish interpreter for many years, but also served as an investment advisor, a position he held since 1991. He was also a personal friend of the fighter’s family, and was the best man in Trinidad’s wedding.

El Nuevo Dia has indicated that Ramos was in turn "hired" as a consultant by three different investment funds (Wells Fargo Advisor, UBS and Popular Securities) only because he was in charge of managing a large percentage of the fighter’s reported $85 million in earnings. Now, Ramos is being singled out by the Trinidads as the only culprit in a series of bad investment decisions allegedly made without the consent or knowledge of the fighter and his father, Felix Trinidad Sr., who is also his former trainer/manager.

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.

On Thursday, Trinidad’s legal team presented a petition of interdiction in San Juan, asking for a mediation by the Financial Industry Regulatory Authority (FINRA) in the matter. Trinidad now allegedly has about $9 million in assets, but almost $30 million in debt. It is unclear whether his legal action will have any kind of positive impact in his suddenly dire economic situation.

One of Puerto Rico’s greatest and most beloved fighters of all time, Trinidad (42-3, 35 KOs) made close to $90 million dollars in a career that spanned 18 years and 21 title fights, and he still holds the record as the longest-reigning welterweight titlist (6 years and 4 months), to which he later added the 154- and 160-pound title belts. His victory in the 1999 “Fight of the Millenium” against Oscar De La Hoya netted him a guarantee of over $10 million dollars, the biggest purse of his career.

In 2011, a still-wealthy Trinidad jokingly "gave" his estranged former promoter Don King a $425,000 gift for his 80th birthday, in what was actually a cancelation of an old debt stemming from Trinidad’s 2008 fight against Roy Jones Jr., which ended up being his last professional fight.
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Old 04-11-2014, 01:07 PM   #2
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Default Re: Felix Trinidad Reportedly Broke

He should have let Hopkins manage his loot.

Protect yourself at all times.
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Old 04-11-2014, 01:09 PM   #3
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Default Re: Felix Trinidad Reportedly Broke

Was he not trying to get Oscar back in the ring a year or 2 ago cause he was broke?
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Old 04-11-2014, 01:11 PM   #4
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Default Re: Felix Trinidad Reportedly Broke

This is why I always laugh at people that post links on here from random internet websites that say "Boxer X is worth 999999999 Trillion dollars". It is never accurate. Most of them even the ones that earn in the tens of millions end up broke for various reasons.
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Old 04-11-2014, 01:12 PM   #5
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Default Re: Felix Trinidad Reportedly Broke

lots of parasites out there...some are more beneficial than harmful...some are neutral...some are more harmful than beneficial, the worse parasites are the ones that plan to leave the corpse destroyed from the first moment...You can't blame Felix Trinidad...Its just luck...DLH was lucky to host parasites who see a longterm value in him.

Tito should withdraw hard cash, stash it in fractions & Still an ATG...Debtors can deal with it
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Old 04-11-2014, 01:16 PM   #6
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Default Re: Felix Trinidad Reportedly Broke

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Originally Posted by SweetSciGuru View Post
He should have let Hopkins manage his loot.

Protect yourself at all times.
He should punch this adviser in the groin like he did to Carr, Reid, and Vargas.
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Old 04-11-2014, 01:34 PM   #7
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Thumbs up Re: Felix Trinidad Reportedly Broke

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Originally Posted by Thread Stealer View Post
He should punch this adviser in the groin like he did to Carr, Reid, and Vargas.
Nah, he should punch them in the jaw like he did to Carr, Reid and Vargas. That left hook in the first 20 seconds of round 1 almost killed Vargas.


There will never be more p4p ball-punchers than the great Chavez Sr, Salido (50x in ONE fight) and of course...Abnuts Mares.
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Old 04-11-2014, 01:36 PM   #8
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Default Re: Felix Trinidad Reportedly Broke

Tito tried to keep it real and allowed a "friend" of the family to work for him... In the end, he paid with his net worth. crazy.
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Old 04-11-2014, 01:36 PM   #9
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Default Re: Felix Trinidad Reportedly Broke

Jones rematch?
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Old 04-11-2014, 01:38 PM   #10
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Default Re: Felix Trinidad Reportedly Broke

This is a good example when keeping it real goes wrong
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Old 04-11-2014, 01:41 PM   #11
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Default Re: Felix Trinidad Reportedly Broke

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Originally Posted by Thread Stealer View Post
He should punch this adviser in the groin like he did to Carr, Reid, and Vargas.
Why?

Ultimately, it is only Tito to blame.
I mean, did he never receive a report from this dude, and if he did, was he cool with investing in Puerto Rican government bonds of all things? Can Tito read & write or does he sign his name with an x?

LOL, Puerto Rico is definitely not Panama.
Pac is going to end up in exactly the same situation.
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Old 04-11-2014, 01:50 PM   #12
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Default Re: Felix Trinidad Reportedly Broke

Mayweather is soon to follow.
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Old 04-11-2014, 01:53 PM   #13
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Default Re: Felix Trinidad Reportedly Broke

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Originally Posted by Thread Stealer View Post
He should punch this adviser in the groin like he did to Carr, Reid, and Vargas.

The advisor was told to put the money in the safest investment possible. The investor responded by putting th money in government bonds. That's normally as about as safe as you can get. Unfortunately for Tito, the PR government is now under a tremendous financial strain.
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Old 04-11-2014, 01:56 PM   #14
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Default Re: Felix Trinidad Reportedly Broke

It's a real shame. All he did was trust a long term friend who threw away his wealth by making risky investments without his knowledge. It's not like Tito pissed his money away on crap he didn't need like so many other fighters. Just goes to show if you trusts someone else to deal with your finances you have no real control and anything could happen.
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Old 04-11-2014, 01:57 PM   #15
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Default Re: Felix Trinidad Reportedly Broke

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Originally Posted by SweetSciGuru View Post
Why?

Ultimately, it is only Tito to blame.
I mean, did he never receive a report from this dude, and if he did, was he cool with investing in Puerto Rican government bonds of all things? Can Tito read & write or does he sign his name with an x?

LOL, Puerto Rico is definitely not Panama.
Pac is going to end up in exactly the same situation.
gm was bailed out by the u.s. government to the tune of billions of dollars.

was it run by a former boxer?

thought so.
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