The New York Post reported an exclusive item on Sunday, saying former Major League Baseball catcher and current sports broadcaster Tim McCarver has entered an arbitration case against Morgan Keegan & Co. for losses totaling about $1 million.
The Post says McCarver’s broker represented the investment funds as conservative, similar to CDs and bonds, but instead put his money in high-risk funds tied to the mortgage market. When other funds suffered losses topping out around 6 percent, McCarver’s fund dropped between 70 and 90 percent, the paper reports.
It is estimated that industry investor losses in the Regions Morgan Keegan (RMK) funds totaled approximately $2 billion last year.
The Post says McCarver, 67, was looking for safe investments that would be a cushion for his retirement and provide security for his children.
Ironically, McCarver was born in Memphis, Tenn., the home of Morgan Keegan & Co. He played professional baseball for the St. Louis Cardinals, and in 1964 his tiebreaking home run in the 10th inning won Game 5 of the World Series for the team. He would go on to celebrate two World Series championships during his career with the Cardinals. Later in his career, he played for the Phillies, Expos and Red Sox.
He retired from pro ball in 1979 and began his career as a sportscaster. He currently works on the FOX network’s MLB telecasts with partner Joe Buck.
A minor league baseball stadium in Memphis was named after him in 1978, but was replaced by a new downtown stadium in 2000.