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In lawsuit, Vince Young claims millions of his money missing

MojoMan

Hall of Fame
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

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.
 

eriadoc

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

:D
 

Double Barrel

Texans Talk Admin
Staff member
Contributor's Club
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

Texans Talk Bartender
Staff member
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

Windmill cancer survivor
Contributor's Club
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

Hall of Fame
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

Dirty Old Man
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

Dance Lindsay!
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.
 

StarStruck

Hall of Fame
Contributor's Club
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.
 

Mr. White

Retired OLine Coach
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.
 

steelbtexan

King of the W. B. Club
Contributor's Club
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

All Pro
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

Something Witty !
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

All Pro
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

Waterboy
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

Hall of Fame
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.
 

Texn4life

All Pro
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.
 

Yankee_In_TX

Dance Lindsay!
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

All Pro
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?
 

ChampionTexan

Hall of Fame
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

Texans Talk Bartender
Staff member
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

Hall of Fame
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

Hall of Fame
Contributor's Club
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

All Pro
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

Hall of Fame
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.
 

Hookem Horns

Texans Talk Bartender
Staff member
: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.
 

chicagotexan2

Easterby = Little Finger/Cal = Fredo Corleone
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.
 

steelbtexan

King of the W. B. Club
Contributor's Club
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

Hall of Fame
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?
 

2012Champs

Hall of Fame
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
 
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