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View Full Version : In lawsuit, Vince Young claims millions of his money missing


MojoMan
06-12-2012, 11:19 AM
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
06-12-2012, 11:34 AM
http://mrcocochanel.files.wordpress.com/2011/03/i_have_found_this_humerus_by_josnapemalfoy.jpg

Señor Stan
06-12-2012, 11:36 AM
http://cdn.bleacherreport.net/images_root/slides/photos/001/268/282/burt-young1_display_image.jpg?1315277033

This report is Paulie approved!

eriadoc
06-12-2012, 11:45 AM
Wait ... when they told him he was going to make it rain, did he actually think clouds and precipitation? /boggle

:D

gtexan02
06-12-2012, 11:56 AM
Question VY missed on the wonderlic:

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

Double Barrel
06-12-2012, 12:01 PM
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
06-12-2012, 12:07 PM
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
06-12-2012, 12:15 PM
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
06-12-2012, 12:21 PM
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
06-12-2012, 12:25 PM
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
06-12-2012, 12:36 PM
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
06-12-2012, 12:57 PM
MSR, that made me lol.




I got him for you. I was rolling.

StarStruck
06-12-2012, 01:28 PM
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
06-12-2012, 02:17 PM
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
06-12-2012, 02:24 PM
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
06-12-2012, 03:07 PM
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
06-12-2012, 06:49 PM
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
06-12-2012, 06:59 PM
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
06-12-2012, 08:47 PM
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
06-12-2012, 09:00 PM
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
06-12-2012, 09:03 PM
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
06-12-2012, 09:47 PM
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
06-12-2012, 09:48 PM
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
06-12-2012, 09:54 PM
Who's to say VY didn't get prep, maybe he hit his full potential with the 6 ?

That's messed up. Lol!

Texn4life
06-12-2012, 09:55 PM
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
06-12-2012, 09:57 PM
http://img571.imageshack.us/img571/8838/vinceyoung1.jpg

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

Yankee_In_TX
06-12-2012, 10:04 PM
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
06-12-2012, 10:07 PM
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
06-12-2012, 11:21 PM
HI!!! My name is "SIX"!!!!, but all I ever do is "WIN". :gun:

ckhouston
06-12-2012, 11:26 PM
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
06-12-2012, 11:27 PM
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
06-13-2012, 12:18 AM
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
06-13-2012, 12:21 AM
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
06-13-2012, 12:32 AM
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
06-13-2012, 01:14 AM
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
06-13-2012, 01:32 AM
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
06-13-2012, 10:42 AM
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
06-13-2012, 12:19 PM
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
06-13-2012, 12:27 PM
http://i51.tinypic.com/2qmoj84.gif

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

Hookem Horns
06-13-2012, 01:58 PM
: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
06-13-2012, 09:17 PM
[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
06-13-2012, 10:45 PM
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
06-14-2012, 12:27 PM
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
06-14-2012, 02:56 PM
All I can think is what a sad story this turned into.

steelbtexan
06-14-2012, 03:40 PM
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
06-14-2012, 04:48 PM
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
06-14-2012, 05:02 PM
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
06-14-2012, 05:05 PM
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
06-14-2012, 05:07 PM
An investment advisor doesnt make 3% usually...

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

2012Champs
06-14-2012, 05:25 PM
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
06-14-2012, 08:58 PM
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
06-14-2012, 09:07 PM
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
06-16-2012, 11:10 AM
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
06-16-2012, 11:39 AM
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
06-16-2012, 04:42 PM
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

2012Champs
11-08-2013, 11:44 AM
Vince Young’s attorney said Thursday he hopes that newly obtained evidence in a dispute involving the former University of Texas quarterback and his former financial advisers will help convince a judge Friday to delay efforts by a New York firm seeking to enforce a $1.8 million judgment against Young.

Austin attorney Trey Dolezal said he has new information supporting Young’s claim that he did not ask for and did not receive the proceeds from a $1.8 million loan taken in his name from Pro Player Funding in 2011.

Pro Player Funding, which has a judgment in New York state against Young for non-payment of the loan, last week obtained a temporary restraining order in which the former NFL quarterback was ordered not to hide, dispose of or waste personal assets. The company also is asking for a receiver to be appointed to seize Young’s assets to enforce the judgment.

Dolezal, however, said statements obtained during recent depositions will bolster Young’s case that the loan was obtained fraudulently and that others conspired to take advantage of their relationship with Young to use money loaned in his name for their own interests.

Trial in Young’s lawsuit against his former financial advisers, Ronnie Peoples and Major Adams, and against Pro Player Funding, is set for Dec. 2, and Doelzal said he hopes to delay any efforts to seize property from Young while that case is still open.

Both cases are before State District Judge Sylvia Matthews, who is scheduled Friday afternoon to hear arguments on four motions in the two cases.


http://blog.chron.com/ultimatetexans/2013/11/new-evidence-may-delay-judgment-against-vince-young/?cmpid=hpts


It will be interesting to see if this new evidence impacts both cases

Dread-Head
11-08-2013, 11:57 AM
What's my name??? :pirate:

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

Too late! I already have it and underneath is a naked chick wrapping herself around a 6 foot tall vertical beer bottle. When I do it it's a Bill homage...if you did it, it would just make you look like a conceited jerk...


Okay, apparently the black nuveau riche no longer listen to the Queen of the Universe (aka Oprah). Don't give ANYONE unfettered access to your money! Oprah has to sign off on EVERYTHING that goes through her production company no matter HOW small. Toni Braxton went broke a few years back and OPRAH had her on her show to say: "Don't give anybody else the ability to sign checks with your name on 'em." Vince's major problem (no pun intended) was the fact that he ASSUMED he was going to have a LONG, FRUITFUL high paying career. To that end he spent like a drunken sailor in a bordello and trusted idiots with his money. THAT is why he's broke

chicagotexan2
11-08-2013, 02:03 PM
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

You could also hire an auditor to ensure everything is on the up and up. It's costs money but if it discovers fraud the money is well spent. What a pathetic story.

Hervoyel
11-08-2013, 02:31 PM
Too late! I already have it and underneath is a naked chick wrapping herself around a 6 foot tall vertical beer bottle. When I do it it's a Bill homage...if you did it, it would just make you look like a conceiter jerk...


Okay, apparently the black nuveau riche no longer listen to the Queen of the Universe (aka Oprah). Don't give ANYONE unfettered access to your money! Oprah has to sign off on EVERYTHING that goes through her production company no matter HOW small. Toni Braxton went broke a few years back and OPRAH had her on her show to say: "Don't give anybody else the ability to sign checks with your name on 'em." Vince's major problem (no pun intended) was the fact that he ASSUMED he was going to have a LONG, FRUITFUL high paying career. To that end he spent like a drunken sailor in a bordello and trusted idiots with his money. THAT is why he's broke

Exactly right.

Say for a moment that Vince got swindled (Ok, we all know he got swindled but allow me to continue). Now lets imagine that we live in a world where Vince wins his case and some "judge" somewhere orders a big ol' baliff to hold the other guys upside down and shake them until $19 millions dollars falls out.

Now lets further imagine that it actually happens and Vince gets his $19 million dollars back. How long is that going to last VY? That's what? 2 years worth of making it rain, parties, and limos?

I feel bad for him but he's his own worst enemy.

Playoffs
11-08-2013, 02:50 PM
http://blog.chron.com/ultimatetexans/2013/11/new-evidence-may-delay-judgment-against-vince-young/?cmpid=hpts

It will be interesting to see if this new evidence impacts both cases

Regardless, I'd think preserving/freezing Young's assets in an amount to satisfy the debt & collection efforts would be prudent -- even if it is a hardship on Young -- until the Young's lawsuit is cleared.

2012Champs
11-08-2013, 02:51 PM
You could also hire an auditor to ensure everything is on the up and up. It's costs money but if it discovers fraud the money is well spent. What a pathetic story.



while true at the end of the day you should be looking over your money too

2012Champs
11-08-2013, 02:53 PM
Regardless, I'd think preserving/freezing Young's assets in an amount to satisfy the debt & collection efforts would be prudent -- even if it is a hardship on Young -- until the Young's lawsuit is cleared.



what grounds would you currently have to freeze assets?

chicagotexan2
11-08-2013, 02:58 PM
Of course but some people aren't savvy enough to know what to look for or too busy to go over every transaction so hire someone that will do it.

Playoffs
11-08-2013, 03:04 PM
what grounds would you currently have to freeze assets?It's in the article you posted...

Pro Player Funding, which has a judgment in New York state against Young for non-payment of the loan, last week obtained a temporary restraining order in which the former NFL quarterback was ordered not to hide, dispose of or waste personal assets. The company also is asking for a receiver to be appointed to seize Young’s assets to enforce the judgment.

2012Champs
11-08-2013, 03:28 PM
It's in the article you posted...



from that article his assets are not frozen

Dan B.
11-08-2013, 03:37 PM
Former NFL and University of Texas quarterback Vince Young has been ordered by a Harris County district judge not to hide, dispose of or waste personal assets as he faces a court hearing this week that could result in seizure of his property to pay a $1.8 million court judgment.

State District Judge Bill Burke last week signed a temporary restraining order sought by attorneys for Pro Player Funding, which obtained a judgment in 2012 in New York state ordering Young to repay a $1.8 million loan obtained during the 2011 NFL lockout.

Attorneys sought the order by claiming Young “may deplete and may continue to deplete his assets” prior to a Friday hearing during which Pro Player Funding will seek a turnover order that will allow it to seize Young’s property to satisfy the judgment.

Young is prohibited from “secreting or wasting assets, dissipating any personal assets, including but not limited to transferring or withdrawing money out of personal or business accounts and or selling, transferring or gifting personal property to others.”

http://blog.chron.com/ultimatetexans/2013/11/judge-prohibits-former-qb-young-from-depleting-assets/

Double Barrel
11-08-2013, 03:39 PM
I do not feel sorry for anyone that [allegedly] throws themselves a $300,000.00 birthday party.

The day I start feeling sorry for stupid people is the day that I've lost my mind.

2012Champs
11-08-2013, 03:53 PM
http://blog.chron.com/ultimatetexans/2013/11/judge-prohibits-former-qb-young-from-depleting-assets/

I skipped right over that part

Dread-Head
11-08-2013, 04:02 PM
Exactly right.

Say for a moment that Vince got swindled (Ok, we all know he got swindled but allow me to continue). Now lets imagine that we live in a world where Vince wins his case and some "judge" somewhere orders a big ol' baliff to hold the other guys upside down and shake them until $19 millions dollars falls out.

Now lets further imagine that it actually happens and Vince gets his $19 million dollars back. How long is that going to last VY? That's what? 2 years worth of making it rain, parties, and limos?

I feel bad for him but he's his own worst enemy.

No no...I say we show up and make a bet with him "double or nothing" and say "Okay Vince...we're thinking of a COLOR...." and trick his dumbass out of it.

Dread-Head
11-08-2013, 04:04 PM
I do not feel sorry for anyone that [allegedly] throws themselves a $300,000.00 birthday party.

The day I start feeling sorry for stupid people is the day that I've lost my mind.


:headhurts: $300K for a vuggin' BIRTHDAY party? Was every guest a pornstar? Did he record the whole thing then sell it? Then he wasted his damn money.

Dan B.
11-08-2013, 04:39 PM
multi post

Dan B.
11-08-2013, 04:40 PM
I skipped right over that part

You can still read. It's a different article from a few days ago.

chicagotexan2
11-08-2013, 11:15 PM
I do not feel sorry for anyone that [allegedly] throws themselves a $300,000.00 birthday party.

The day I start feeling sorry for stupid people is the day that I've lost my mind.

In his defense it was a birthday celebration he may never have had the chance to experience again. I mean after all how many of us make it to the ripe old age of 29.

Playoffs
01-22-2014, 12:01 PM
Vince Young files for bankruptcy (http://blog.chron.com/sportsupdate/2014/01/vince-young-files-for-bankruptcy/)
Vince Young, the former University of Texas and NFL quarterback from Houston who has been involved in a pair of lawsuits stemming from financial issues that arose during the 2011 NFL lockout, has filed for Chapter 11 bankruptcy protection.

Attorney Brian Kilmer of Houston filed the petition last week in a Houston federal bankruptcy court on Young’s behalf, listing Young with estimated assets between $500,001 and $1 million and liabilities between $1,001,000 and $10 million. No specific details on Young’s assets and liabilities were immediately available.

Over the last year, Young, 30, has been locked in a pair of lawsuits stemming from a $1.8 million loan obtained in his name during the 2011 lockout.

A New York state court has granted a judgment against Young to Pro Player Funding, a New York company that made the loan, which along with interest has grown to more than $2.5 million, according to a Pro Player attorney.

Pro Player Funding has made several efforts in a Harris County state district court to enforce collection of the judgment, but those efforts remain pending.

In the wake of the New York case, Young sued a group that included his former financial adviser, Ronnie Peoples of Raleigh, N.C., and his former agent, Major Adams II of Houston, claiming that the defendants defrauded him and conspired with Pro Player Funding to obtain the loan and that Young himself never received the money in question. Lawyers in December said a settlement had been reached in the Peoples case, but that agreement has not been finalized.

Documents filed in the Peoples case include a financial statement as of July 2013 that listed Young and his wife, Candice, with assets totaling $1.8 million and liabilities totaling $2.5 million, including the New York state judgment. Young’s assets included five cars, his home, NFL annuity and 401(k) funds and jewelry valued at about $200,000.

While the state case continued, a Harris County district judge granted a temporary restraining order that prohibited Young from wasting or dissipating assets and limited him to $25,000 in monthly household expenses, including child support.

Mr. White
01-22-2014, 12:05 PM
Dude should have gone to the CFL when Buffalo cut him for this very reason.

Playoffs
01-22-2014, 12:23 PM
Rand Getlin ‏@Rand_Getlin
Vince Young (or someone using his name) borrowed $1.9 million at 20% interest. Do that math on that. Staggering.

I wrote about the lockout loans Vince Young and other #NFL players took out in 2011. Coming back to haunt them now: http://www.thepostgame.com/features/201104/tpg-exclusive-cash-strapped-nfl-players-seeking-high-risk-lockout-loans …

Blake
01-22-2014, 12:28 PM
Rand Getlin ‏@Rand_Getlin

Compound interest, or simple interest?

2012Champs
01-22-2014, 12:46 PM
Compound interest, or simple interest?



If you arent paying Im sure its compounding

Stemp
01-22-2014, 01:40 PM
I read somewhere that he now owes $2.5M. That's a big jump in just under 3 years.

2012Champs
01-22-2014, 01:48 PM
I read somewhere that he now owes $2.5M. That's a big jump in just under 3 years.

roughly 10% a year for 3 years would get it from 1.9 to 2.5 if they were compounding the interest

Playoffs
01-22-2014, 03:10 PM
From the above linked article...
According to a financing source, these interest rates range from 18 percent to 24 percent, and upon default, they can rise as high as 36 percent.
Legal and financial sources with ties to players say many affiliated with the high-risk loan industry are soliciting individuals close to cash-strapped players.

"[They] are your gray-area guys who aren't agents, aren't managers, aren't financial advisors," the financial adviser said of the loan industry middlemen. "And [they’re] getting fees of $100,000-$150,000 for getting players to sign off on the loans."

In order to ensure payment on the loans, financial sources say lenders are also requiring that players purchase insurance policies which guarantee payment in the event a player gets hurt. Sources say the premiums on those policies may reach as much as $200,000, which also provide additional kickbacks for middlemen.

http://s3.amazonaws.com/rapgenius/x7Bw2R66TtSWh1de9tn9_john_gotti.jpg
I'll make 'em an offer they can't refuse...

Marshall
01-22-2014, 03:17 PM
I read somewhere that he now owes $2.5M. That's a big jump in just under 3 years.

It's not as bad as many New York Banking Credit card rates which approach 30%. This is why I will never deal with Citigroup or Chase again. They play gotcha with their penalties and interest by pulling shenanigans with moving their payment centers making regular payers 'late' and boosting interest and penalties.

2012Champs
01-22-2014, 05:02 PM
It's not as bad as many New York Banking Credit card rates which approach 30%. This is why I will never deal with Citigroup or Chase again. They play gotcha with their penalties and interest by pulling shenanigans with moving their payment centers making regular payers 'late' and boosting interest and penalties.

Funny I haven't paid interest on any credit card purchases in many years. I also haven't mailed in a payment in a really long time but I'd think the switching of payment addresses isn't nearly the problem you might make it out to be

Playoffs
02-01-2014, 02:24 PM
It worked...

Vince Young asks judge to dismiss bankruptcy petition (http://blog.chron.com/sportsupdate/2014/01/vince-young-asks-judge-to-dismiss-bankruptcy-petition/#19886101=0)
Attorneys for Vince Young said Friday that the former NFL quarterback has settled his legal dispute with a New York lender and asked a federal judge to dismiss Young’s voluntary Chapter 11 bankruptcy petition filed two weeks ago.

According to the six-page motion filed with U.S. Bankruptcy Judge David R. Jones, Young filed for bankruptcy protection Jan. 17 primarily to forestall debt collection efforts by Pro Player Funding, a New York lender that had a judgment with interest totaling about $2.5 million against Young stemming from a loan taken in his name during the 2011 NFL lockout.

Young has reached a resolution with Pro Player Funding, according to the motion, and therefore is asking for the Chapter 11 case to be dismissed...