Ex-Phillie Dykstra arrested on federal fraud charges

[RamboLiberal]

Lenny "Nails" Dykstra "was taken into custody at his Encino home Thursday night" on federal fraud charges and local vehicle theft charges, reports the LA Times here. "The charge relates to fraud Dykstra allegedly committed involving the sale of items from a Ventura County mansion he owned.

"The federal charges stem from a bankruptcy case that Dykstra filed on July 7, 2009," accrording to the statement. "The criminal case filed in U.S. District Court alleges that Dykstra removed, destroyed and sold property that was part of the bankruptcy estate without the permission of the bankruptcy trustee."

Read more: http://www.philly.com/philly/blogs/inq-phillydeals/Ex-Phillie-Dykstra-arrested-on-federal-fraud-charges.html#ixzz1Jd5kKUsK

Through a trade arrangement with the high-end steakhouse, the station provides guests of its Sunday night "Sports Final" with dinner at the Palm.

The former Phillies star took full advantage of the hospitality when he and an attractive blonde drank two bottles of $150 red wine, then had salads and surf-and-turf, in addition to crab cakes and assorted desserts to take back to their room at the Ritz-Carlton.

We're told that Dykstra, who may not have understood that he was responsible for a tip, signed his name on the bill and wrote "$200" on it but left no money.

Word is Palm GM Jim Haney covered the server's $200 tip.

Read more: http://www.philly.com/philly/entertainment/20110307_Dan_Gross___Nails__hammers_eatery_for__700__but_no_tip_crosses_waiter_s_Palm.html#ixzz1Jd6fnFKU

Dykstra built a bit of a financial empire, with car washes, eBay stores and The Players Club, an upscale magazine for pro athletes. He also garnered a reputation as a stock-picking guru, thanks to a boost by CNBC's Mad Money host Jim Cramer. Dykstra, known as "Nails," even touted investment advice through his Nails on the Numbers newsletter and NailsInvestments.com. He bought the mansion of hockey legend Wayne Gretzky.

But the luster didn't last. In April, GQ magazine published an article titled, "You Think Your Job Sucks? Try Working For Lenny Dykstra."

Employees sued, saying they hadn't been paid.

So did other creditors - including his brother, Kevin.

http://www.philly.com/philly/living/pets/20090818_The_tale_of_Lenny_Dykstras__10_000_dog.html

I have no sympathy for multi-millionaire sports & pop stars who live beyond their means & end up bankrupt.

[trumad]

1. Actually it's much deeper than that...

Watch the Dykstra 60 minute story...first and second one.

He got rich with the real estate boom and then crashed big time.

[RamboLiberal]

2. That's still not managing your money

Getting involved in real estate schemes is greed.

[Rage for Order]

3. It was only partly about living beyond his means

Dykstra thought of himself as an investment guru because he was able to increase the value of his investment portfolio during a bull market. Of course, once the market turned south so did his investments, but he couldn't admit that he sucked as a stock picker.

This short video clip sums it up.

http://www.youtube.com/watch?v=-CGXqRsqr6I&feature=related

[RamboLiberal]

4. Maybe Trump can use him as VP candidate

[FSogol]

8. +1 LOL. n/t

[ChairmanAgnostic]

5. Didn't Dykstra consider running for office as a GOPer?

I thought I recalled something about a future campaign.

[joeybee12]

6. I have no sympathy for anyone Jim Cramer likes...nt

[notesdev]

7. He should have just started a bank

Then he'd be filthy rich no matter how much fraud he committed.