According to the charges against Smith, he and a business partner convinced a retired school teacher to put up his paid house (valued at over 700,000 dollars) for a loan that would be used to purchase a plot of land for development in Dana Point, CA. Smith told his friend that the loan was one hundred percent guaranteed. But then the real estate bubble burst and the development project went kaput. The retired school teacher is going to lose his home. Oh and did I mention that the same retired school teacher who is about to be thrown out on the street also has an inoperable brain tumor.
At least when the Clippers player stink up Stales Center people just lose out on the 100.00 bucks they payed to see the game, they dont lose the house.
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