Doug Mirabelli didn't have many big hits during his 12 seasons in the Major Leagues but he's hit a financial home run in retirement.
The former Red Sox catcher and his wife were awarded more than $1.2 million in damages and fees from an arbitration panel. Mirabelli and his wife, Kristin were battling one of Merrill Lynch's top financial advisers in an investment dispute.
Mirabelli and his wife had invested over $880 thousand into the Merrill Lynch Phil Scott Team Income Portfolios, a collection of 33 dividend-paying growth stocks in March of 2008. The NY Times reports they took out loans that helped make the account worth close to $1.8 million, on the condition the account not slip below $1 million. That happened by November of 2008 and the Mirabelli's had no choice but to sell the portfolio to cover the loans during the financial crisis.
An arbitration panel agreed with Mirabelli's position that the Merrill Lynch advisor put their money into unsuitable investments. The ruling not only includes the former Red Sox's original investment, but oddly their legal fees and arbitration as well. The NY Times reports that's very unusual in a case such as this.
Merrill Lynch has yet to decide if they will move to vacate the arbitration ruling.
A career backup, Mirabelli is best remembered for his seven seasons as knuckleball pitcher Tim Wakefield's personal catcher in Boston. He was part of the 2004 Red Sox team that ended the 86-year World Series drought.
In addition to his time at Fenway, Mirabelli played for the Giants, Padres and Rangers. He batted just .231 with 58 homers and 206 RBI's in 12 big league seasons.
Mirabelli, 41, earned close to $7 million during his career, however the $1.2 million settlement is more than he earned in all but two of his seasons in the Major Leagues. He's currently working as a real estate agent in Traverse City, Michigan.
Doug Mirabelli's career inspired this YouTube tribute
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