The lawsuit, filed June 30 and posted online yesterday by courthousenews.com, says that Stottlemyre (brother of current pitching coach Mel Stottlemyer Jr.) worked for Merrill Lynch in Scottsdale when he persuaded Candiotti to purchase a big life insurance plan using financing to pay the large premiums. Both men live in the Valley -- Todd Stottlemyre in Paradise Valley and Candiotti in Scottsdale.
To our simple mind, premium financing sounds like a scam because the insurance plan is supposed to pay the costs of the financing. If it sounds too good to be true, it probably is -- that's our motto. And Candiotti alleges that neither company reps nor Stottlemyre ever warned him there was a financial risk. In other words, it was a bad pitch.
Somehow, things got turned around and Candiotti has now lost at least $500,000 in the deal, according to the suit. He wants out of the life insurance plan, the profits Merrill Lynch made to be returned and, of course, elimination of the $500,000 debt to the plan.
Stottlemyre has helped Merrill Lynch do the same thing to other ballplayers, alleges Candiotti, who recently inked a deal for a fourth season as the D-backs' "radio color analyst."
It's a safe bet this complicated case will drag on into many extra innings.
Keep Phoenix New Times Free... Since we started Phoenix New Times, it has been defined as the free, independent voice of Phoenix, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Phoenix with no paywalls.