Vince Young Says Financial Advisers Lost Over $18 Million of His Money, Files Lawsuit
Are you surprised?
The sad thing about it is that Vince Young will never recover the money he lost. He might win a lawsuit (even though these cases are very hard to prove), but it won’t come close to the almost $20 million that has gone missing from his accounts.
Young’s suit accuses his former agent Major Adams II, as well as financial adviser Ronnie T. Peoples with fraud, unjust enrichment, conversion, breach of fiduciary duty, usury and breach of contract, as well as other allegations.
The lawsuit claims that Young lost $5.5 million while Peoples took care of his finances for the five seasons in the NFL. He also allegedly lost $13 million in ”counter-withdrawals,” “debit memos” and checks are “untraceable” with his accounts with Peoples.
When college athletes become professional athletes frequently they leave the responsibility of handling millions of dollars with financial advisers who take advantage of their laziness in watching their money.
I am sure one day Vince Young woke up, decided to look at his accounts and wondered how it was possible the number was as low as it was.
You tend to pay more attention to your money the less you are making and it has been awhile since VY had a big money contract.
If indeed these men defrauded him I do hope he gets some of his money back, but this should be a lesson to all athletes, from day one keep your mind on your money and money on your mind.