Wednesday, June 13th, 2012
First Terrell Owens and now Vince Young.
Newly acquired Buffalo Bills QB Vince Young has filed suit against his former agent and a former financial adviser alleging fraud, breach of contract and misappropriation of his funds.
According to The Houston Chronicle the lawsuit was filed on Monday and its been reported that this has been going on since Young was drafted by the Titians in 2006 and signed a $54 million contract.
The suit names attorney Major Adams II of Houston, financial adviser Ronnie T. Peoples and Raleigh, N.C.-based Peoples Financial Service Inc (PFS). It’s said that over $5.5 million was taken from him by Peoples and his company while controlling his finances, with help from Young’s agent. Peoples and PFS specifically agreed to provide Young with financial planning, credit management, investment counseling, estate planning and bill paying, among other services. In exchange for these services, Young agreed to pay Peoples and PFS and flat yearly fee of $65,000, plus reimbursement for all expenses they racked up working for him.
Young says his investigation found a “net transfer discrepancy” of $7.8 million, meaning PFS took in $7.8 million more than it transferred to his accounts. Young claims Peoples impersonated him via email to get a $700,000 loan, and forged his signature on a “Deposit Account Control Agreement.”
According to the complaint: “Adams secured loans or lines of credit in an amount between $200,000 and $500,000 by impersonating Young via phone and/or e-mail and/or by forging Young’s signature. These loans were obtained in order to pay off or service Adams’ personal debts. … When these transactions began to come to light, Young immediately terminated his relationship with Adams.
In a conversation with the Associated Press on Tuesday, Adams denies the claim by saying, “I have never had access to Vince Young’s financial money, any money he has. I’ve never had any access to his financial accounts. I’ve never been authorized on any accounts to write checks or anything like that. All I did for Vince Young was negotiate his contracts.”
I honestly don’t understand how this happens, because I notice if 2 cents is missing from my account. This situation is so sad and happens to so many athletes. Many people feel it’s the responsibility of the various player associations, then others say it’s the responsibility of the players. I just don’t understand how one can say that their personal well-being is the responsibility of someone else. The only time that scenario holds true is when you’re a child.
Your Jersey Girlfriend,