In a recent interview with CNBC, Lance Armstrong has said he didn’t get off ‘scot-free’ after recently settling a potentially $100 million fraud suit with the US federal government for $5 million. Armstrong claimed that he lost $111 million on collective legal fees, settlements and lost income but that a wise early investment in Uber “saved his family.”
Broadcast on the American business network, CNBC sat down with Armstrong and zeroed in on his recent settlement with the US government in a fraud suit involving his US Postal Service team during his Tour de France run.
“I didn’t think I got off scot-free, because the settlement with them for five was probably the 10th settlement,” Armstrong said. “There were all of these cases, and the team, unbeknownst to me, had insured most of my pay and most of my bonuses. I knew about one of the insurance companies, but then they just started coming in, and I was like, ‘Who are you?’
“This is going to shock you, but once you total up all of it, so loss of guaranteed income, legal fees and settlements, it comes to 111 million bucks. So, I don’t fell like I got off easy.”
Despite the huge expenses he’s incurred, however, Armstrong admitted he’s made tens of millions of dollars of an early investment in the ride-sharing company Uber. Armstrong said he invested $100,000 with the company in its infancy, but he wouldn’t pin down a “ballpark” number for his return in investment when CNBC asked. Armstrong would only concede the current value is “a lot more” than his original investment.
“It’s too good to be true,” he said.
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