In lawsuit, Vince Young claims millions of his money missing

[MojoMan]

Vince Young has apparently been fleeced by his agent and his financial adviser, and pursuing the matter in court. Losses are alleged to exceed $5 million, and could be closer to $19 million.

This is not the first time we have heard of this sort of thing. If it is true, it is very unfortunate, and I hope the culprits are put in prison.

In lawsuit, Vince Young claims millions of his money missing (http://www.chron.com/news/nation-world/article/In-lawsuit-Vince-Young-claims-millions-of-his-3626233.php)

Football star and Houston native Vince Young sued his former agent and former financial adviser late Monday, claiming the men have misappropriated millions since the quarterback was drafted by the Tennessee Titans in 2006.

The suit accuses Young's former agent, Houston attorney Major Adams II, as well as financial adviser Ronnie T. Peoples and his Raleigh, N.C.-based company, Peoples Financial Service, of fraud, unjust enrichment, conversion, breach of fiduciary duty, usury and breach of contract among other allegations.

Adams and Peoples were in charge of the athlete's financial affairs during his five seasons with the Titans, for which he signed a contract worth at least $54 million. According to the lawsuit, Young has been left "in the unenviable position of losing no less than approximately $5.5 million while his assets were under [Peoples Financial Service]'s control." Nearly $13 million more in "counter-withdrawals," "debit memos" and checks are "untraceable" in Young's accounts with the company.

Legal action was required to untangle "what happened to a large sum of money that there's no accounting for," said Austin lawyer Trey Dolezal, who filed the suit.

"There has been at least some evidence that there has been some fraud and some forgeries using [Young's] name over the last several years that we believe that Major Adams and Ron Peoples are responsible for," Dolezal said Monday night. "We have no idea how much money is missing."

Efforts to reach Adams and Peoples were unsuccessful late Monday.

Adams, a close friend of Young's uncle and himself like an uncle to the athlete, was an unconventional pick to negotiate Young's first NFL contract, though the local attorney had represented his own sister - gospel artist Yolanda Adams - and helped Richmond native Michael Lewis cut his first deal when he was drafted by the Philadelphia Eagles in 2002.

Young, 29, was released by the Titans after the 2010 season. He played for the Eagles in 2011 and signed with the Buffalo Bills last month. A 2005 Heisman runner-up, Young's game-winning touchdown made the University of Texas Longhorns national champions at the 2006 Rose Bowl.

He hired a new agent with a higher profile in NFL circles, Tom Condon, two years ago.

The lawsuit was filed in Harris County civil court.

[Cjeremy635]

http://mrcocochanel.files.wordpress.com/2011/03/i_have_found_this_humerus_by_josnapemalfoy.jpg

[Señor Stan]

http://cdn.bleacherreport.net/images_root/slides/photos/001/268/282/burt-young1_display_image.jpg?1315277033

This report is Paulie approved!

[eriadoc]

Wait ... when they told him he was going to make it rain, did he actually think clouds and precipitation? /boggle

:D

[gtexan02]

Question VY missed on the wonderlic:

If I offered you two pennies or one nickle, which would you take?

[Double Barrel]

There is no better example to illustrate the old saying: "A fool and his money are soon parted."

I wish no ill will on the guy, though. Hope he has success in recovering at least some of his money.

[Hookem Horns]

I remember when he chose his buddy Major Adams to be his agent. His intelligence level was being seriously questioned then. It's a shame that these parasites take advantage of low IQ challenged individuals like VY.

Oh well, look on the bright side. The person who was truly robbed in of all this was Bud Adams.

:texflag:

[Marcus]

Now, I wonder why his Wonderlic score was the first thing that popped into my head when I read about this.

And the cynical side of me thinks he's scraping the bottom with another publicity stunt to get back into the headlines.

Sorry. No sympathy here whatsoever.

[ChampionTexan]

I'm undecided whether I think this is more likely to be Vince being stupid enough to hire an inexperienced family "friend" and trusting him far more than he should have, or Vince being stupid enough to burn through millions of dollars with nothing to show for it, and reflexively looking for someone else to blame it on since he's been told all his life he can do no wrong.

Either way, stupidity is the common theme.

[Thorn]

I don't care for VY anymore than the next guy, but if someone stole his stuff, I hope they catch the thief and jail him for a long time. I frigging hate thiefs.

[Yankee_In_TX]

http://mrcocochanel.files.wordpress.com/2011/03/i_have_found_this_humerus_by_josnapemalfoy.jpg

MSR, that made me lol.


I don't care how rich or how poor you are, just handing someone your money and saying 'take care of it' is STUPID. You should always understand where your money is, what and why it is invested in, and how those investments are doing.

[Ryan]

MSR, that made me lol.




I got him for you. I was rolling.

[StarStruck]

It's unfortunate that we live in a society that a total stranger can be more trust worthy than a friend or relative. This sounds more like theft than unsound investment practices. I hope he recovers some if not all of the losses.

[TxDavid]

He spent all his money on sausage partys and tattoos:

http://img14.imageshack.us/img14/6876/vydrunk.jpg

http://img571.imageshack.us/img571/8838/vinceyoung1.jpg

[Mr. White]

This is what happens when you don't hire a professional for these types of things. Drew Rosenhaus might be a reptile, but he wants to keep getting clients.

It was pretty obvious Major Adams didn't know what he was doing when VY scored a 6 on that Wonderlic. A real agent would have given him simulation tests so he could at least have scored double digits or got him a tutor. Instead he hired a yes man that was stealing from him.

Always loved Vince the Longhorn. Vince the pro...not so much. Hope he can get his money back from these scumbags.

[Yankee_In_TX]

Hope he can get his money back from these scumbags.

That money is long gone, I am sure they were as good with money as VY was....

[infantrycak]

That money is long gone, I am sure they were as good with money as VY was....

NFL agents get paid 3%. If VY wasn't so dumb you would think he would have noticed his agent was living like someone with a lot more than $1.5 mil.

[steelbtexan]

Could care less about VY's plight.

It's not my $$$$ so I dont care.

I could've called this happening to VY yrs ago. A fool and his $$$$ shall soon part.

He should have asked Mack Brown for guidance.

[Texn4life]

A fun fact: Major Adams is the brother of renowned Gospel singer Yolanda Adams.

I used to see her all of the time and she even got an autographed jersey for a friend of mine of Vince's. She always talked about what a great guy Major was.

[Honoring Earl 34]

Reminds me of ESPN's 30 for 30 " The Best That Never Was " . A minister was handling Marcus Dupree's money and next thing Dupree knows he's getting calls from the bank .

[Texn4life]

NFL agents get paid 3%. If VY wasn't so dumb you would think he would have noticed his agent was living like someone with a lot more than $1.5 mil.

Not saying that this was the case, but I know a few guys who have someone manage and invest their money. I'm sure its possible they showed him fake account reports, invoices, or whatever else needed to be shown to deceive him. These guys have far too much trust in the people handling their money.

[JimBaker488]

It was pretty obvious Major Adams didn't know what he was doing when VY scored a 6 on that Wonderlic. A real agent would have given him simulation tests so he could at least have scored double digits or got him a tutor. Instead he hired a yes man that was stealing from him.

Who's to say VY didn't get prep, maybe he hit his full potential with the 6 ?

[infantrycak]

Not saying that this was the case, but I know a few guys who have someone manage and invest their money. I'm sure its possible they showed him fake account reports, invoices, or whatever else needed to be shown to deceive him. These guys have far too much trust in the people handling their money.

The investment adviser has a lot more room for jacking around. I'm just saying about the agent VY should have seen he was looking at a guy spending a whole lot more than was right. Not only do agents get paid 3%, it gets paid out as the players get paid. So it isn't like the guy got paid $1.5 mil in one big check the day VY signed. Frankly the $1.5 is high because VY's salary was heavily back end loaded and he didn't play it out. He likely cleared about $1.2 before taxes over VY's first five years. That is nothing to sneeze at but if he pilfered half of $17 mil or whatever I bet there were signs.

[Texecutioner]

Who's to say VY didn't get prep, maybe he hit his full potential with the 6 ?

That's messed up. Lol!

[Texn4life]

The investment adviser has a lot more room for jacking around. I'm just saying about the agent VY should have seen he was looking at a guy spending a whole lot more than was right. Not only do agents get paid 3%, it gets paid out as the players get paid. So it isn't like the guy got paid $1.5 mil in one big check the day VY signed. Frankly the $1.5 is high because VY's salary was heavily back end loaded and he didn't play it out. He likely cleared about $1.2 before taxes over VY's first five years. That is nothing to sneeze at but if he pilfered half of $17 mil or whatever I bet there were signs.

I agree that it's a lot of money to go missing and VY to have no idea about it as it was happening. Because Vince trusted this guy since he was a family friend, it wouldn't surprise me if Adams acted as his financial adviser as well.

[TEXANRED]

http://img571.imageshack.us/img571/8838/vinceyoung1.jpg

Hey who photoshopped Vince Young's head on Second Honeymoon's body?

[Yankee_In_TX]

Not saying that this was the case, but I know a few guys who have someone manage and invest their money. I'm sure its possible they showed him fake account reports, invoices, or whatever else needed to be shown to deceive him. These guys have far too much trust in the people handling their money.

I would be shocked if there were cooked books. I'd put my money on it went like this:

"Hey man, how's my money doing?"
"Great!"
"Sweet."

And VY wasn't the first and won't be the last to learn the lesson of just blindly giving someone your money.

[Texn4life]

I would be shocked if there were cooked books. I'd put my money on it went like this:

"Hey man, how's my money doing?"
"Great!"
"Sweet."

And VY wasn't the first and won't be the last to learn the lesson of just blindly giving someone your money.

Haha, yeah I could see the conversation going just like that. What's the saying about a fool and his money?

[Texan_Bill]

HI!!! My name is "SIX"!!!!, but all I ever do is "WIN". :gun:

[ckhouston]

Reminds me of ESPN's 30 for 30 " The Best That Never Was " . A minister was handling Marcus Dupree's money and next thing Dupree knows he's getting calls from the bank .

Hmmm, methinks I see a trend developing ...

[ckhouston]

He spent all his money on sausage partys and tattoos

In breaking news all of the money has been located in a backroom at LaBare.

[ChampionTexan]

NFL agents get paid 3%. If VY wasn't so dumb you would think he would have noticed his agent was living like someone with a lot more than $1.5 mil.

Just curious - what makes you certain that his agent was living a lifestyle that was beyond the amount of money he should have been earning?

[Hookem Horns]

Again, all of this fuss is over Bud Adams' money. He was the one that was robbed and we should all be happy about that.

It was an Adams on Adams crime.

[infantrycak]

Just curious - what makes you certain that his agent was living a lifestyle that was beyond the amount of money he should have been earning?

I'm certainly not certain. Maybe he was hiding it for eight years. Generally people willing to engage in conduct like this aren't that smart and can't resist living the high life while looking at their bank account total.

[StarStruck]

I find it hard to believe that VY was his only client and being YA brother he could have represented a number of gospel artists as well as others based on YA's reputation. VY could have been his biggest, & I think he had enough savvy to appear reputable. Again IMO is sad because someone without the credentials of a Drew Rosenthan won't get a chance prove credible because of this kind of crap.

[Texn4life]

I had to go back and do some research, but I remember when Tank Black was accused of swindling money from some of his clients a little over 10 years ago. Around that same time, there were whispers from friends of mine going into the draft about Carl Poston cheating some guys out of their money too. He was suspended by the NFLPA, but that was for providing money to college players.

These guys are the ultimate salesmen. Having sat in on a few meetings with them, they literally can have players thinking they're the best player in the world even if they're only a 5th round prospect. I've seen first hand players run through advances without getting drafted, players blow through money after being in the league for years, and seen some guys that are super conservative with their money and they'll be set for life. It's easy to believe Vince trusted this guy with his money and believed that he would invest it wisely if that's in fact what he was supposed to be doing. The rookie symposium can only cover so much. I've been saying for a while now that these guys should have to take a mandatory money management course while in school if they play any of the 3 or 4 major sports. There's a saying where I grew up about guys with "new money". They don't know what to do with it or how to manage it.

[Playoffs]

Two targets here: Houston attorney Major Adams II, as well as financial adviser Ronnie T. Peoples and his Raleigh, N.C.-based company, Peoples Financial Service.

Major was VY's trusted uncle's lifelong best friend, "He's like a father to me."

I know nothing about the Peoples Financial Service, but it could just as easily be the culprit. We'll see.

[MightyTExan]

He spent all his money on sausage partys and tattoos:

http://img14.imageshack.us/img14/6876/vydrunk.jpg

http://img571.imageshack.us/img571/8838/vinceyoung1.jpg

http://i51.tinypic.com/2qmoj84.gif

[HOU-TEX]

http://i51.tinypic.com/2qmoj84.gif

:spit: Dunno why, but this was really funny to me. +Rep

[Hookem Horns]

:spit: Dunno why, but this was really funny to me. +Rep

LOL, I was actually at that game. It was a MNF game a couple of years ago and I was visiting my sister in Orlando. Of course I was somewhat rooting for the Jags however they were horrible. VY also got hurt early in the 1st qtr and KC lit up the Jags IIRC.

I was making the same gesture as that guy in the animated gif .. however it was me wondering why I just wasted money to see 2 teams I really hate playing in a horrible game.

The only good part about that night was I got to hang out with Yvette and Parddy from the Titans board. They are always fun.

[Texan_Bill]

[B][SIZE="4"][COLOR="Red"]

http://img571.imageshack.us/img571/8838/vinceyoung1.jpg

What's my name??? :pirate:

DUDE!!! Dude, I'm seriously considering having "Texan_Bill" tattooed on my back... That would be sweet! :kitten:

[chicagotexan2]

HI!!! My name is "SIX"!!!!, but all I ever do is "WIN". :gun:

Your agent is your f/a? Not smart. Of course that's something vy10 has never been accused of being. But I bet he can recoup most if not all his list millions on sausage and his wildly successful steakhouse. The irony here is that the number on his tattoo is one he can even count up to. He probably refers to himself as VY one zero.

[Double Barrel]

What's my name??? :pirate:

DUDE!!! Dude, I'm seriously considering having "Texan_Bill" tattooed on my back... That would be sweet! :kitten:

And get this tattooed in the front! :joker:

http://www.omgtattoos.com/image/thumb/1029-six-pack-tattoo-tattoo.jpg

[Hervoyel]

All I can think is what a sad story this turned into.

[steelbtexan]

All I can think is what a sad story this turned into.

Are you suprised by this story?

Sad part is that any number of UT boosters or Mack would have helped VY get the right people to manage his $$$$. Oh well VY made his choices and now he has to live with them.

[Texan_Bill]

Are you suprised by this story?

Sad part is that any number of UT boosters or Mack would have helped VY get the right people to manage his $$$$. Oh well VY made his choices and now he has to live with them.

Good point. While not a UT fan, they do have a lot of smart people that he could've sought advice from. Isn't Joe Jamail a UT alum?

[infantrycak]

Isn't Joe Jamail a UT alum?

Yes both undergrad and law school. The field in the football stadium is the Joe Jamail Field.

[2012Champs]

The investment adviser has a lot more room for jacking around. I'm just saying about the agent VY should have seen he was looking at a guy spending a whole lot more than was right. Not only do agents get paid 3%, it gets paid out as the players get paid. So it isn't like the guy got paid $1.5 mil in one big check the day VY signed. Frankly the $1.5 is high because VY's salary was heavily back end loaded and he didn't play it out. He likely cleared about $1.2 before taxes over VY's first five years. That is nothing to sneeze at but if he pilfered half of $17 mil or whatever I bet there were signs.


An investment advisor doesnt make 3% usually but I tried to look this guy up on FINRA's brokercheck which keeps public records of all registered IAs or former. This guy isnt on there which IMO should be a huge red flag. With the money management skills most of the NFL guys have though often even the best advisors are pissing in the wind. PS if his funds were taken they are long gone now, its not often people steal 5-19 million to put in all in the bank

[infantrycak]

An investment advisor doesnt make 3% usually...

I didn't say they did. I said NFL agents make 3%.

[2012Champs]

I didn't say they did. I said NFL agents make 3%.

That's fine I was just adding that ias typically make a lot less than that

[steelbtexan]

Good point. While not a UT fan, they do have a lot of smart people that he could've sought advice from. Isn't Joe Jamail a UT alum?

Yes he is and he would've been at the top of the list that I would have asked to be my advisor.

[2012Champs]

Yes he is and he would've been at the top of the list that I would have asked to be my advisor.


why would he be a person at the top of the list you would ask to advise you on financial matters?

[welsh texan]

Right, I'm not defending the stupidity of VY here but, I went to school with a lad who plays football for a Championship club, he's spent one season in the Premier League and has double digit caps for Wales. His weekly wage is somewhere in the region of £10-20k.

Now, as soccer is a game where you will be lucky to reach 35 still earning that kind of money, and you aren't really qualified to do anything else once you finish, he has a financial advisor taking care of his assets, and he hardly sees any of his money right now, enough to live a comfortable life certainly, but he doesn't have the cash to hand for any kind of brash purchases, its all in holding for when his extremely short career comes to a close.

So, say you finally reach the end of your career, and you decide to work out exactly whats left over for the first time and come to some sort of budget for the rest of your life, you can see how maybe that'd be the first time you realise a sizeable portion is missing, especially if clever accounting has hidden it from the baseline figures thus far.

Taking Vince on his word, I hope he gets his money back, much rather see a lazy, arrogant fool as a rich man than a thief.

[steelbtexan]

why would he be a person at the top of the list you would ask to advise you on financial matters?

Because although Jamail is a lawyer, he has never ripped off any of his clients to my knowledge. He also has the kind of connections in the business world that would allow VY to meet the people that would've allowed for VY's new found/now lost fortune to grow.

Kind of how Dr. Buss introduced Magic to the business world at a slow pace. Mack could've also helped in the mentoring of VY in a business sense. VY owned UT. He had any number of well connected people mentor him in the business world. Instead he chose to be mentored by one of the guys from the hood and it came back to bite him in the butt.

[2012Champs]

Right, I'm not defending the stupidity of VY here but, I went to school with a lad who plays football for a Championship club, he's spent one season in the Premier League and has double digit caps for Wales. His weekly wage is somewhere in the region of £10-20k.

Now, as soccer is a game where you will be lucky to reach 35 still earning that kind of money, and you aren't really qualified to do anything else once you finish, he has a financial advisor taking care of his assets, and he hardly sees any of his money right now, enough to live a comfortable life certainly, but he doesn't have the cash to hand for any kind of brash purchases, its all in holding for when his extremely short career comes to a close.

So, say you finally reach the end of your career, and you decide to work out exactly whats left over for the first time and come to some sort of budget for the rest of your life, you can see how maybe that'd be the first time you realise a sizeable portion is missing, especially if clever accounting has hidden it from the baseline figures thus far.

Taking Vince on his word, I hope he gets his money back, much rather see a lazy, arrogant fool as a rich man than a thief.


No matter how much money you have or who is taking care of it you should review your statements at the end of every month or quarter whenever they are generated. If you do this you make it much harder for someone to steal from you over a long period of time or to allow bank errors to exceed the amount of time the bank is responsible for them