Wow, that article is wildly misleading, practically slanderous. "Ponzi scheme"? "You know what they say if it’s too good to be true then it probably is."? No. That's not at all what happened. Before we laugh and blame the victims:
Sanchez et al did exactly what we always say athletes should do with their millions.
They weren't looking for anything "too good to be true." They turned to to a credentialed, recommended financial advisor and asked for safe, conservative investments to protect their earnings and prepare for the future. (With the kind of sums they were making, you don't just log on to Vanguard.com and buy index funds. There are complex tax considerations, high-minimum investment options, etc.) And the advisor proceeded to use their money to fund his own startup.
IOW, they acted totally prudently and responsibly. And then they were robbed. I feel a lot more sorry for these guys than for the many players who squander their millions livin' large.