Mizuhara stands accused of stealing a staggering $16 million from Ohtani's account, leaving the sports world astounded.

The story of celebrities being exploited by individuals within their inner circle is unfortunately nothing new. From Billy Joel to Alanis Morissette, and athletes like Dennis Rodman and Mark Sanchez, the list of famous personalities who have lost control of their assets and suffered financial theft continues to grow.

A recent report from global accounting and consulting firm EY revealed that professional athletes have alleged losses of nearly $600 million due to fraud between 2004 and 2019. The rise in fraud is attributed to the increasing income athletes generate from endorsements and salaries, along with their unique circumstances of youth, high earnings, and a singular focus on their careers.

Chase Carlson, a Florida attorney specializing in representing athletes and entertainers victimized by investment fraud or mismanagement, stated that these individuals often place trust in someone within their inner circle. Unfortunately, this trust can be exploited for personal gain, leaving the athletes blindsided.

Mizuhara's relationship with Ohtani extended beyond the baseball field, with responsibilities ranging from driving him around to managing his daily tasks and certain business matters outside of the sport. Federal authorities claimed that Mizuhara was Ohtani's de facto manager and assistant.

According to court documents, Mizuhara stole millions of dollars from an account he helped Ohtani open in 2018. Allegedly, he used the funds to cover gambling debts accumulated through an illegal bookmaking operation in southern California. Mizuhara reportedly deceived Ohtani's other advisers and accountants, falsely claiming that Ohtani had denied them access to the account.

Anthony Smalls, the head of entertainment, sports, and media at MGO, a global accounting firm, highlighted that it is often trusted friends and family members who exploit the approval processes and take advantage of athletes. He emphasized the need for transparency and regular meetings with a well-rounded team to ensure proper checks and balances.

Athena Constantinou, director of international operations at the Sports Financial Literacy Academy, emphasized that these incidents often stem from a lack of financial literacy. Constantinou stressed the importance of providing athletes with financial education and urged leagues and players' associations to take on this responsibility.

The NFL Players Association (NFLPA), for instance, mandates that agents and financial advisers be registered with the association and meet specific requirements. While the NBPA and MLBPA have regulations for player agents, they do not currently have certification requirements for financial advisers.

Former NFL player Zach Miller, now a certified financial planner, urged players to take an active role in managing their finances. He emphasized the need for players to understand their cash flow, taxes, and expenses, stressing that responsibility for financial decisions ultimately lies with the individual.

The case of Shohei Ohtani serves as a stark reminder that even the brightest stars can be vulnerable to financial exploitation. Players are advised to establish a team of trusted professionals, including a certified financial planner, tax CPA, investment advisory group, and personal attorney, to ensure comprehensive financial management.

As investigations into Mizuhara's alleged theft continue, the sports world is left grappling with the repercussions of this high-profile case and questioning the safeguards in place to protect athletes from financial fraud.