NFL linebacker, Dwight Freeney, says that Bank of America aided and abetted a fraud scheme that cost him $20 million. Seems like you can’t trust ANYBODY with your money!
Via CBS Los Angeles
According to the lawsuit (PDF), Freeney authorized BofA in 2010 to manage his assets, including his NFL salary.
In addition to BofA, the complaint names Michael Bock, a senior vice-president of the bank’s Global Wealth & Investment Management unit, as a defendant.
Attorneys say BofA did not disclose to Freeney that Eva Weinberg – who was assigned by BofA to manage Freeney’s business affairs – was only a part-time employee at BofA and was not licensed to give Freeney investment advice.
The complaint also alleges BofA, Bock and Weinberg also lied to Freeney about the true identity of Michael Stern, who was brought onto Freeney’s BofA financial team.
According to attorneys, Stern was introduced to Freeney as “Michael Millar”, a successful Miami Beach businessman, but who was allegedly linked to failed real estate ventures and allegations of bribing Miami city officials.
Once Weinberg and Stern gained control of Freeney’s finances, they “promptly went about stealing at least $8.5 million,” according to the complaint.
“BofA’s deceitfulness is at the heart of our lawsuit,” said attorney Jeffrey Isaacs. “BofA kept Dwight completely in the dark about the qualifications and the backgrounds of the people managing his money.”
A statement from BofA spokesman Bill Halldin denied the bank played any role in the alleged scheme.
“The two people responsible for this wrongdoing have already been convicted,” Halldin said. “The primary wrongdoer never worked for the bank or any of its affiliates and the other person committed her criminal conduct after she left Merrill Lynch in 2010.”
Dwight Freeney, who last played for the Chargers, is currently a free agent and one of the highest paid defensive players in the league.
