Net Worth Ranker
What Is Rumeal Robinson Net Worth
Rumeal Robinson, a former American professional basketball player, has an estimated net worth of approximately -$1 million. This negative net worth reflects significant financial setbacks experienced after his NBA career, primarily due to legal issues and poor financial decisions.
Rumeal Robinson’s NBA Career Earnings
During his six seasons in the NBA, Rumeal Robinson earned around $4.8 million in salary. Detailed breakdowns of his annual earnings reveal the following:
- 1991/92 (Atlanta Hawks): $1,025,000
- 1992/93 (New Jersey Nets): $1,225,000
- 1993/94 (Charlotte Hornets): $1,240,000
- 1996/97 (Los Angeles Lakers): $247,500
- 1997/98 (Detroit Pistons): $272,250
These figures do not account for endorsements, potential bonuses, or other income sources from his time in the NBA. Adjusted for inflation, his total earnings would be significantly higher, approximately $10,775,556.
Early Life and Basketball Career Before His Net Worth Problems
Rumeal James Robinson was born in Mandeville, Jamaica, on November 13, 1966. At the age of 12, he became one of five children adopted by Helen and Louis Ford. Robinson grew up in Cambridge, Massachusetts, where he attended Cambridge Rindge and Latin School. He excelled in basketball and received an athletic scholarship to the University of Michigan.
His college career peaked in 1989 when he led the Wolverines to an NCAA Championship victory. In the final game against Seton Hall, Robinson made two crucial free throws with three seconds left, securing an 80-79 overtime win. This accomplishment significantly raised his profile and contributed to his being drafted into the NBA.
NBA Career Details
Robinson was drafted tenth overall in the 1990 NBA Draft by the Atlanta Hawks and signed a four-year contract worth $4.29 million. He played for the Hawks from 1990 to 1992. His NBA career included stints with several teams, including the New Jersey Nets (1992-1993), Charlotte Hornets (1993-1994), Portland Trail Blazers (1996), Los Angeles Lakers (1996-1997), and Phoenix Suns and Trail Blazers again in 1997. Robinson also played in the Continental Basketball Association (CBA) and the Euroleague, demonstrating his continued pursuit of professional basketball opportunities.
Despite a promising start, Robinson’s NBA performance was inconsistent. He averaged more than ten points per game only once in his career. He also won a silver medal representing the United States at the 1995 Pan American Games.
Legal and Financial Troubles that Impacted His Net Worth
After retiring from professional basketball, Rumeal Robinson aimed to become a real estate developer in Miami. His ambition included building a 25,000-acre resort in Jamaica named Harmony Cove. Unable to secure traditional loans, he was referred to Community State Bank in Ankeny, Iowa.
In 2004 and 2005, Brian Williams, a senior loan officer at Community State Bank, approved a $377,000 bridge loan for Robinson’s company, Megaladon Development. Robinson allegedly paid Williams a $100,000 bribe to facilitate the loan approval. Over the next 18 months, Robinson received $1.2 million in loans from the bank, approved by Williams.
Robinson failed to make any loan payments and misused the funds. Instead of investing in real estate development, he spent the money on personal luxuries, including expensive clothes, meals, motorcycles, and jewelry. According to some sources, Robinson spent significant amounts at strip clubs, including binges where he allegedly spent $20,000 a night.
The fraudulent scheme was discovered when Williams attempted to conceal the bad loans. Community State Bank fired Williams and sued Megaladon for nonpayment, ultimately recovering only about 5% of the funds. In 2007, during a deposition to ascertain his net worth, Robinson claimed he had no net worth, living “on roughly $20 at a time” with his only possession being “a change of pants.”
Conviction and Sentencing
On August 24, 2009, a federal grand jury indicted Robinson, his girlfriend Stephanie Hodge, and Brian Williams on charges including bank fraud, conspiracy to commit bank fraud, bank bribery, and wire fraud. Robinson surrendered to authorities on September 4, 2009.
His adoptive mother, Helen Ford, accused Robinson of defrauding her out of her home. Robinson had arranged to sell Ford’s house to a business partner for $250,000, who then sold it to another partner for $600,000. The house was eventually sold for $1 million to the brother of Robinson’s girlfriend, with the money intended for Harmony Cove but spent on lavish expenses and debts.
On September 8, 2010, Robinson was convicted on 11 counts. On January 7, 2011, he was sentenced to 78 months (6 ½ years) in prison by U.S. District Judge Ronald E. Longstaff. He was also ordered to pay $1,184,615 in restitution to Community State Bank and St. Paul Mercury Insurance, plus a special assessment of $1,100 to the Crime Victims Fund.
Robinson served his sentence in various federal prisons in South Carolina, Louisiana, and Florida. He was released on September 19, 2016, under five years of supervised release. In March 2012, a federal judge ruled that $369,000 of Robinson’s NBA pension fund could be seized to help cover his restitution. The Eighth Circuit Court of Appeals upheld his convictions and sentence in December 2011.
Aftermath and Impact on Net Worth
Robinson’s legal and financial troubles have severely impacted his net worth, resulting in a reported -$1 million. His misuse of loan funds, failure to repay debts, and court-ordered restitution have left him in a dire financial situation. The seizure of a significant portion of his NBA pension further compounded his financial difficulties.
