Dwight Freeney Sues Ex-Financial Advisor For Fraud

San Diego Chargers star Dwight Freeney is heading to court and he’s taking his ex-financial advisor and her brother with him. Freeney is accusing the duo of scheming him into unnecessarily taking out a $55 million life insurance policy in an attempt to receive a huge $450k commission. Freeney says he paid $500k a year for 15 years. 

Via The Jasmine Brand

The 34-year-old running back has filed a federal lawsuit against his former financial advisor Eva Weinberg and her brother Richard Weinberg. He claims that the duo schemed together to convince him to take out a $55 million life insurance policy all in an attempt to score huge commissions on the deals. Eva has already been sentenced to 3 years in prison for her role in stealing millions from Freeney with another man,  both working as his advisors at the time.

Freeney explains that at the height of his career he made the decision to entrust his net worth with Weinberg, despite him not knowing that she didn’t have the proper licenses to perform the services she said she could. He says she used her position to defraud him through various schemes.

Freeney says her and her brother convinced him to take out a expensive whole life insurance policy with her brother acting as the insurance agent to get the commission. He says they advised him to take out a $55 milion life insurance policy which he paid $500k per year over 15 years. He says that they were well aware this was an “entirely unsuitable and inappropriate investments for Mr. Freeney, who was then age 29, single and in a sport where the average player retires by age 32;” … yet they received $450K in commission.

He says the policies lapsed and are worth nothing to him now. Freeney accuses them of knowing he didn’t need the $55 mill policy and they choose because the commission on the policies they offered him had 80-90% commission on the first year of the policy. He is suing for all the money he paid into the insurance policies and unspecified damages.

I hear way too many stories about shifty financial advisors. From Vince Young, to now. It seems like you have to watch EVERYONE around you these days — even the hired help.