Lauryn Williams Lost $150,000 to Investment Promoter, Then Became a CFP

Q: How did an Olympian earning over $200,000 a year lose her tax money—and what adviser red flags did she miss?

Lauryn Williams lost her tax money by handing about $150,000 she had set aside for taxes to an investment promoter who said he could double it in a month through an overseas deal. The money vanished, and because it was earmarked for the IRS, she had to take out a second mortgage to pay the tax bill. The red flags she has said she missed were classic ones. The pitch promised an unusually fast, outsized return, which is a hallmark of scams and speculative schemes. She relied on trust and verbal assurances instead of demanding written documentation, clear terms, and proof of how the investment worked. She also did not press hard enough with basic questions about where the money was going, who controlled it, what the risks were, and how she would get it back. Her broader lesson was that the earlier advisers she trusted also failed her by not teaching her basic money management. That, too, was a warning sign: an adviser who does not explain the plan, the risks, fees, taxes, and alternatives is not giving real guidance. Williams now urges people to vet advisers carefully. Practical checks include interviewing several planners, preferring a fee-only fiduciary when possible, asking exactly how they are paid, and reviewing disclosures such as FINRA BrokerCheck, the SEC’s IAPD database, Form ADV, and Form CRS. Vague answers, reluctance to put things in writing, or pressure to act quickly are all signs to walk away.

1 articles · Updated · The Washington Post · Oct 27

Lauryn Williams said she lost $150,000 early in her athletic career after trusting a promoter who claimed he could double her money in a month through an overseas venture.
The money had been set aside for taxes, and the loss forced the three-time Olympic medalist to take out a second mortgage on her home to pay the bill.
Williams said weak guidance from multiple advisers left her financially illiterate even as she was earning more than $200,000 a year in her early 20s.
Those losses pushed her to take control of her finances, become a certified financial planner in her early 30s and launch her firm, Worth Winning, to help other athletes avoid similar mistakes.