YardRat
06-12-2012, 06:07 AM
http://www.chron.com/news/nation-world/article/In-lawsuit-Vince-Young-claims-millions-of-his-3626233.php
Football star and Houston native Vince Young (http://www.chron.com/?controllerName=search&action=search&channel=news%2Fnation-world&search=1&inlineLink=1&query=%22Vince+Young%22) 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 (http://www.chron.com/?controllerName=search&action=search&channel=news%2Fnation-world&search=1&inlineLink=1&query=%22Tennessee+Titans%22) in 2006.
The suit accuses Young's former agent, Houston attorney Major Adams II, as well as financial adviser Ronnie T. Peoples (http://www.chron.com/?controllerName=search&action=search&channel=news%2Fnation-world&search=1&inlineLink=1&query=%22Ronnie+T.+Peoples%22) and his Raleigh, N.C.-based company, Peoples Financial Service (http://www.chron.com/?controllerName=search&action=search&channel=news%2Fnation-world&search=1&inlineLink=1&query=%22Peoples+Financial+Service%22), 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.
Football star and Houston native Vince Young (http://www.chron.com/?controllerName=search&action=search&channel=news%2Fnation-world&search=1&inlineLink=1&query=%22Vince+Young%22) 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 (http://www.chron.com/?controllerName=search&action=search&channel=news%2Fnation-world&search=1&inlineLink=1&query=%22Tennessee+Titans%22) in 2006.
The suit accuses Young's former agent, Houston attorney Major Adams II, as well as financial adviser Ronnie T. Peoples (http://www.chron.com/?controllerName=search&action=search&channel=news%2Fnation-world&search=1&inlineLink=1&query=%22Ronnie+T.+Peoples%22) and his Raleigh, N.C.-based company, Peoples Financial Service (http://www.chron.com/?controllerName=search&action=search&channel=news%2Fnation-world&search=1&inlineLink=1&query=%22Peoples+Financial+Service%22), 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.