Thursday, June 9, 2016

Darren McFadden sues financial advisers, alleges $15 million in losses

Posted By on Thu, Jun 9, 2016 at 11:26 AM

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Darren McFadden, the former Razorback who now plays football for the Dallas Cowboys, has filed a federal lawsuit against Michael Vick, former financial adviser, and other unnamed parties for alleged mismanagement of his finances.

More here on the case from Court News. Vic,  a broker and not the pro football player, started doing business with McFadden in 2008, his rookie year as a pro when he signed a six-year $60 million deal with the Oakland Raiders. Vick declined a comment when reached by AP. In 2015, McFadden signed a $5.85 million two-year deal with the Cowboys. McFadden's adviser Vick got some attention from ESPN over his name back in 2008, when he was flying high.

The suit says, in part:

Rather than securing for Plaintiff a lifetime of financial security as Defendant Vick promised Plaintiff, Defendant Vick covertly used Plaintiff's income as his personal slush fund to subsidize his own lifestyle and expenses and to invest in his own projects, ultimately, through theft or gross mismanagement, losing and/or misappropriating approximately $15,000,000  of Plaintiffs monies and assets, while further wrongfully encumbering Plaintiff with debts and related penalties. 
McFadden's lawsuit said Vick had used a power of attorney to "engineer prolific withdrawals or transfers of monies from plaintiff's accounts directly to defendant Vick, to convincing plaintiff to create businesses that defendant Vick would ultimately just use to conceal and obfuscate his perpetual theft of plantiff's monies."

One particular example mentioned:

One such business involved Defendant Vick pressuring Plaintiff to start a venture creating and manufacturing bitcoins, guaranteeing Plaintiff that even if the venture did not generate
profits, Defendant would guarantee that Plaintiff would not lose any money. Furthermore, Defendant promised to pay back Plaintiff any funds that Plaintiff invested in such business venture. Instead,  consistent with Plaintiffs recently-revealed pattern and practice Defendant Vick used Plaintiff's fund to start this bitcoin "business'', including using all of Plaintiff's monies to purchase all the necessary  infrastructure and materials, only to retain all the revenues generated or derived from the "business" along with all the corresponding business assets purchased with Plaintiffs money. 

Here's the lawsuit. McFadden's complaint includes an allegation that Vick tried to sell him a building bought with his own money.

McFadden told the Dallas Morning News that he hired Vick coming out of Arkansas in 2008 before the Oakland Raiders made him the fourth overall pick.

McFadden said Vick was "an old family friend that we knew growing up forever and ended up trusting him to do my finances and it didn't work out right for me.

"It's just one of those deals with me as a young guy I wasn't on top of my finances like I should have been and I trusted somebody to take care of everything for me and I don't feel like at the time he had my best interest."

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