Friday , Nov , 21 , 2008 C.Y. Ellis

Scottie Pippen to Sue Company for Financial Malpractice

Former NBA superstar Scottie Pippen has called a foul on executives at Sunrise’s

Pippen, who became a shareholder in 2001 while playing with the Portland Trail Blazers, accuses two company officials of financial shenanigans in a lawsuit filed this month in Broward Circuit Court. made a $160,000 loan to a company connected with its president and chief executive, Jim Riley, without disclosing the relationship, Pippen claims in the suit.

Shareholders also weren’t told about a $305,000 loan made to Chief Operating Officer JW Ray, the suit alleges.

In addition, Pippen alleges Riley’s company and Ray were allowed to buy stock at prices far below ”adequate consideration.” Pippen filed the suit on behalf of the company and its shareholders.