Run DMC’s financial advisor apparently took his money and ran.
Dallas Cowboys running back Darren McFadden has filed a $15 million lawsuit against his longtime business manager, claiming his financial planner mishandled his career earnings.
ESPN.com reports McFadden is suing Michael Vick (not him) and 10 unknown others. Vick was a family friend of McFadden’s, who the former fourth overall pick eventually entrusted with his finances.
The 28-year-old’s lawsuit claims Vick used his earnings to supplement his own lifestyle.
“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,” the lawsuit said.
McFadden’s lawsuit said Vick fraudulently gained power of attorney in 2008 and lied about the Cowboys running backs financial records. ESPN reports McFadden found out about the alleged crime after Vick tried to sell him a building he already bought with his own money. They further report McFadden claims Vick lost $3 million in a bitcoin business venture. If the claims are true, Vick obviously was a horrible, sleazy investor.
McFadden told the Dallas Morning News he fired Vick six or seven months ago and revoked his power of attorney in May.
McFadden signed a six-year $60.1 million rookie deal with the Oakland Raiders in 2008 and signed a two-year, $5.85 million deal with Dallas in 2015. He’s earned a lot of money in his career – $15 million of which, has apparently been mishandled.
While old family friends might be easier to work with and could be trustworthy, McFadden probably wishes he’d hired a proper financial advisor who’s used to dealing with such large amounts of money. He’ll try to recoup some if not all of his lost earnings with the lawsuit.
[ESPN]
