T. Boone gave some bad advice. Oklahoma State’s athletics department took out $10 million life insurance polices on 27 elderly boosters in 2007. The scheme was expected to reel in as much as $350 million. The Cowboys paid $33 million in premiums over two years before canceling the policies in 2009, when not one of the old codgers passed from this earth.
OSU tried to get out on a technicality, though a U.S. District Judge ruled the life insurance company could keep the money. This is sort of like that time where the athletics department lost $77 million investing in T. Boone’s hedge fund before the financial crisis.
[Photo via Getty]