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Old 06-12-2012   #1
MojoMan
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Default In lawsuit, Vince Young claims millions of his money missing

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.

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In lawsuit, Vince Young claims millions of his money missing

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.
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Old 06-12-2012   #2
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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Old 06-12-2012   #3
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Default Re: In lawsuit, Vince Young claims millions of his money missing



This report is Paulie approved!
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Old 06-12-2012   #4
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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

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Old 06-12-2012   #5
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Default Re: In lawsuit, Vince Young claims millions of his money missing

Question VY missed on the wonderlic:

If I offered you two pennies or one nickle, which would you take?
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Old 06-12-2012   #6
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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.
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Old 06-12-2012   #7
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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.

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Old 06-12-2012   #8
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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.
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Old 06-12-2012   #9
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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.
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Old 06-12-2012   #10
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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.
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Old 06-12-2012   #11
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Cool Re: In lawsuit, Vince Young claims millions of his money missing

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Originally Posted by Cjeremy635 View Post
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.
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Old 06-12-2012   #12
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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MSR, that made me lol.

I got him for you. I was rolling.
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Old 06-12-2012   #13
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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.
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Old 06-12-2012   #14
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Default Re: In lawsuit, Vince Young claims millions of his money missing

He spent all his money on sausage partys and tattoos:



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Old 06-12-2012   #15
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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.
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Old 06-12-2012   #16
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Cool Re: In lawsuit, Vince Young claims millions of his money missing

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Originally Posted by Mr. White View Post
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....
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Old 06-12-2012   #17
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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Originally Posted by Yankee_In_TX View Post
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.
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Old 06-12-2012   #18
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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.
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Old 06-12-2012   #19
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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.
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Old 06-12-2012   #20
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Default Re: In lawsuit, Vince Young claims millions of his money missing

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 .
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