There are plenty of stories of shady financial advisors hurting athletes, and the latest case involves one who allegedly victimized former NFL running back Ricky Williams and others.
Peggy Ann Fulford of Houston has been arrested on numerous charges including wire fraud and mail fraud, and was formally indicted by a grand jury on Tuesday according to The New Orleans Times-Picayune. Fulford allegedly stole money from four professional athletes, including Williams and NBA star Dennis Rodman (the latter according to TMZ).
According to the indictment, Fulford lied to Williams and others that she was a Harvard law and business school graduate and an educated financial advisor and money manager. She claimed she made her millions on Wall Street as well as dealing in real estate in the Bahamas and buying and selling hospitals. She offered to personally manage the players’ finances, which included paying their bills and income tax statements without charging anything because she “just wanted to protect them” from losing their wealth.
The indictment also alleges that once she gained access to the athletes’ bank accounts, she laundered the money through multiple bank accounts of her own and spent it on herself. She also is accused of using the stolen funds to buy a cashier’s check that was sent via federal mail in relation to the sale of a Houston area real estate company.
Fulford, who went under multiple different names including Peggy King and Devon Barnard, could face up to 30 years in prison if found guilty of all charges.
Williams is reportedly seeking between $2 and $4 million in damages after filing suit against Fulford back in 2013, where he claimed she took more than half of the $11 million he earned since 2007 until that point.
According to TMZ, Rodman was bilked by a Harvard-educated financial advisor who went by the name Peggy King, and he angrily fired her back in April of 2015.