Darren McFadden has filed his second lawsuit in less than a year against his former financial adviser. The adviser’s name? Michael Vick.
Yes, it’s a coincidence. Vick, who is not the same Vick as the former NFL quarterback, billed himself as a “seasoned financial adviser” in 2008 despite having little experience. McFadden, who was 20 at the time and would soon be drafted No. 4 overall by the Oakland Raiders, ended up hiring Vick. After McFadden signed a six-year deal with the Raiders, he claims Vick began taking advantage of him for financial gain.
The latest lawsuit also includes Ameriprise Financial, which is the agency Vick used to work for. Here’s more from the Arkansas Democrat-Gazette:
McFadden ultimately signed a six-year, $60.1 million contract with the Raiders in June 2008. The lawsuit alleges that less than two months later, Ameriprise “allowed” Vick to induce McFadden, “still just 20 years old, to sign virtually the broadest and most sweeping Arkansas General Durable Power of Attorney contemplated, relinquishing to Vick the unfettered power and ability to control all of McFadden’s income and financial transactions, ranging from all banking and other financial institution transactions, business operating transactions, real property transactions, to all tax matters.”
Over about eight years, the lawsuit alleges, Vick “systematically converted a substantial portion of McFadden’s monies and assets for Vick’s own personal use and gain.”
Throughout the alleged embezzlement, which the suit says began while Vick worked at Ameriprise, “multiple financial institutions, including Ameriprise Financial, had the opportunity at certain points in time to intervene and stop his pervasive misappropriation, but opted to say and do nothing.”
Vick has denied the allegations. Unfortunately, the practice of financial advisers taking advantage of professional athletes has become all too common, and it has even happened to some of the biggest stars in sports. If Vick is guilty of what McFadden has accused him of, he should be held accountable.
H/T Pro Football Talk
