NFL’s Vince Young Is Broke; Sues Financial Managers For Swindling $5.5 Million Ms. Bels Friday, September 21, 2012 Foul on the Play, The Game, The Receipt Once a very talented athlete rises to sports stardom and rake in millions, these days he’s more than likely going to eventually hit rock bottom. This is apparent for former NFL star, Vince Young. News stories of the University of Texas grad hit this week claiming that Vince Young is now broke. After once reaching his pinnacle, by signing a $26 million football contract, his talent on Tennessee’s field didn’t quite live up to the hype. Traveling eventually to the Buffalo Bills, his career was cut short when the team decided to let him go. So, what’s a out-of-work athlete to do? The next best thing…file a lawsuit. Young is now taking his former financial planner and agent to court. Trey Dolezal, Young’s attorney, says the lawsuit is seeking $5.5 million in missappropriated funds. In the lawsuit, Major Adams (agent) and Ronnie Peoples (financial planner) are being suspected of forging Young’s signature on documents, impersonation via email and business calls, and mismanagement of money. “They conspired to take Vince’s money,” Dolezal said. “It’s that simple.” But the alledged frauders are disputing these claims. “This is a person scrambling helplessly and pointing in all directions to blame others to get out of debt,” Adams’ attorney, Charles Peckham, told the Associated Press. Who’s side do you believe? As the story develops, you can’t help but wonder how in the H*LL did Vince blow through $26 million dollars!! SMH. Clearly, the NFL (nor the entertainment industry) does not properly educate rookies on the importance of financial management. You can’t trust half of these financial planners, managers, or agents. This is why everyone should educate themselves in order to prevent this sad situation.
