A Houston woman named Peggy, 58, was arrested in New Orleans on federal charges after prosecutors said she posed as a financial advisor and took millions of dollars from professional athletes, including former NFL running back Ricky Williams.
According to the U.S. Attorney’s Office and the FBI, Peggy is charged with wire fraud, mail fraud, interstate transportation of stolen property and money laundering. Court documents allege she told clients she was a Harvard educated money manager who had made millions on Wall Street and in hospital and Bahamas real estate deals. Authorities say none of that was true.
Federal officials allege she used her access to the athletes’ accounts to move their money through dozens of bank accounts and spent it on personal expenses, including jewelry, luxury cars, real estate and travel. Prosecutors say she had been hired to invest money and handle taxes for her clients.
Authorities say she won trust by not asking for payment and telling the athletes she just wanted to protect their money. Williams and at least three other athletes are listed as alleged victims. An indictment is only an accusation, and she is presumed innocent unless proven guilty in court.
If convicted of the mail or wire fraud counts, she faces up to 20 years in federal prison, according to the charging announcement. The money laundering and stolen property counts carry a possible minimum of 10 years, as reported at the time.
The case is a reminder for athletes and families to check the background of anyone who handles their money. Baller Alert will keep you posted as the case moves through court.
