October 1, 2026
Fake 49ers Player Scammed Women Out of $1.3 Million. Here's What Investors Can Learn
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A professional football player. A lavish lifestyle. A financial advisor. And, investment opportunities that promised to build serious wealth.
Federal prosecutors say nearly all of it was fake.
Two men are facing federal fraud charges after authorities say they orchestrated an elaborate scheme that took approximately $1.3 million from at least 26 women. At the center of the allegations is Daejon Labrayae Love, who allegedly posed as a San Francisco 49ers player and wealthy investor to gain women's trust before introducing them to investment opportunities that didn't actually exist. Per ESPN, authorities believe there may be additional victims.
How Did the Alleged Scheme Work?
According to the Department of Justice, Love met many of the women through dating apps beginning in 2022. He allegedly created fictitious personas, at times presenting himself as a 49ers wide receiver and at others as a wealthy real estate investor.
Authorities say Love reinforced those identities by displaying a lavish lifestyle both online and in person. His social media presence included images of him in 49ers gear and alongside luxury vehicles.
Once relationships were established, prosecutors say Love encouraged the women to invest their money. His alleged accomplice, 18-year-old Taylor Jamie Chan, then posed as Love's financial advisor, lending another layer of apparent legitimacy to the investments.
The Fake Financial Advisor Wasn't the Only Red FlagThe alleged scheme appears to have gone considerably further than simply telling victims a convincing story.
Court documents describe the use of fictitious investment portfolios and fake representations of account balances. Some victims were allegedly encouraged to borrow money to invest, with promises that loans could quickly be repaid from their returns.
Instead, prosecutors say the women received no investment returns or loan repayments. Once a victim ran out of money or began questioning what had happened to her investment, Love allegedly stopped communicating with her.
Love and Chan have been charged with conspiracy to commit wire fraud and wire fraud. Both defendants are presumed innocent unless and until proven guilty.
What Can Investors Learn From the Case?The details may be unusual, but many of the tactics described by federal investigators are not.
Investment fraud frequently relies on trust before money. A scammer may cultivate a personal relationship, demonstrate apparent wealth or success, and surround an opportunity with enough legitimate-looking people and documentation to make it feel credible.
That's why an impressive social media presence, or even a supposed financial professional backing an investment, shouldn't substitute for independent verification.
Before transferring money, investors should independently verify the identities and credentials of the people involved, understand exactly where their money is going, and be particularly cautious when someone promises unusually high or fast returns. Requests to borrow money or take out loans to fund an investment deserve even greater scrutiny.
Yes, Investment Fraud Can Have Tax ConsequencesFor victims, discovering that an investment was fraudulent may not be the end of the financial complications.
The federal tax treatment of money lost through fraud can be complex and depends heavily on the circumstances. Changes made by the Tax Cuts and Jobs Act significantly limited the personal casualty and theft loss deduction, and special rules may apply to certain investment-related fraud losses.
That means taxpayers shouldn't assume that money stolen in an investment scam can simply be written off on their next tax return. Determining whether a loss is deductible—and when and how it should be reported—may require a careful review of the facts and current tax law.
If you've suffered a substantial financial loss because of suspected fraud, contacting both the appropriate authorities and your tax professional can help you understand the potential financial and tax implications.
If a Scammer Drains Your IRA, There May Be Tax Consequences TooLosing money to fraud is devastating enough, but the situation can become even more complicated when the stolen funds come from a retirement account.
A distribution from a traditional IRA is generally included in taxable income unless an exception applies or the money is properly rolled over. For someone under age 59½, the taxable portion may also be subject to the 10% additional tax on early distributions. If you take funds out of your IRA to fund a scam, you may face serious tax consequences on top of the overall stress of the sitaution.
There is an important potential lifeline: the 60-day rollover rule. If an eligible IRA distribution can be replaced and rolled back into an IRA or another eligible retirement account within 60 days, the amount generally does not have to be included in taxable income, and the 10% additional tax can also be avoided.
That can be especially important for fraud victims who discover an unauthorized withdrawal quickly and are able to recover the stolen funds—or use other available funds to replace the distribution while recovery efforts continue.
The IRS also provides limited avenues for relief when someone misses the 60-day deadline because of circumstances beyond their control. Depending on the facts, a taxpayer may qualify for an automatic waiver, use the IRS self-certification procedure, or request a private letter ruling. These options have specific requirements, however, and self-certification does not guarantee that the IRS will ultimately approve the late rollover.
The allegations against Love and Chan make headlines because of the extraordinary details: a fake NFL career, luxury imagery, romantic relationships, and a purported financial advisor all allegedly used to support the same story.
The underlying lesson, however, is much more ordinary.
Fraud doesn't always look suspicious at first. Sometimes it looks successful, polished, and financially sophisticated. Before trusting someone with your money, independently verifying the people, accounts, and investments involved can be one of the most important financial safeguards you have.
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