Freeney suing Bank of America for $20 mil

[21isSuperman]

http://www.thescore.com/nfl/news/734914

 

 

The 35-year-old allowed Bank of America to manage his assets in 2010 and he is now out more than $20 million because of a fraud scheme, according to his attorney Jeffrey B. Isaacs

 

If this is true....wow.  I remember a few years ago reading about some financial troubles Freeney was having.  Something about not being able to pay the money for his recording studio or something like that

[CR91]

wow. they pulled that same crap on me. course on a much smaller scale

[NFLfan]

http://www.thescore.com/nfl/news/734914

If this is true....wow. I remember a few years ago reading about some financial troubles Freeney was having. Something about not being able to pay the money for his recording studio or something like that

It is disturbing and unfortunate what happened to Freeney. I hope he wins his suit.

That brings to mind something that I read about 10 or so years ago. Some members of the Denver Broncos (Steve Atwater and others) had reported having been victims of a ponzi scheme. They lost millions. I would later find out from a friend that the guy behind the ponzi scheme was someone who had been a classmate of ours in undergraduate school. I was shocked. The guy was one of the most respected, intelligent, and likeable guys. I would have trusted him with my money. He would go on to Harvard for grad school. I could not believe he could do this until I read the articles in the New York Times and elsewhere. Unfortunately those players and other victims could not sue the guy because he killed himself. They may have sued his estate but he probably did not have much assets left.

[Synthetic]

Even if this true, I doubt he wins. Banks have been ripping people off for years. That's just capitalism. 

[southwest1]

Didn't Freeney have an issue a few years back where a business accountant hired to manage his finances used his money as a personal bank account to take lavish trips on Dwight's dime too? 

 

Ouch. He just keeps getting burned left & right by people Dwight thought he could trust & he literally got hosed not once but now twice. 

[rock8591]

Even if this true, I doubt he wins. Banks have been ripping people off for years. That's just capitalism. 

 

I don't want to get political, because the nature is TECHNICAL, not political so not sure how else to say it.

 

The whole banks/big business/corporation robbing the public is a huge myth. Having worked in banking and insurance in my life thusfar, and having been a Stats major in college, I have some degree of insider knowledge that may seem to be counter-intuitive to the average man. Most Americans are VASTLY UNDEREDUCATED in the topics of Finance, Accounting, and Statistics. Most people can hardly do 12 divided by 4 in their heads.

 

Unfortunately, the media has lied to us for years and years with sensationalized storylines about topics like corruption (money or not), police brutality, etc...and people have a habit of taking the media at face value when they run negative headlines...but when they hear something that sounds good, they think it's too good to be true.

[jvan1973]

Even if this true, I doubt he wins. Banks have been ripping people off for years. That's just capitalism.

Can I get specific examples? I'll be here holding my breath waiting

[bradgt04]

Can I get specific examples? I'll be here holding my breath waiting

Just a guess but "2008"

[pacolts56]

Can I get specific examples? I'll be here holding my breath waiting

I'm no particular fan of them but I'm wondering what Bank of America actually did....the link didn't reveal much at all. His lawyer makes it sound like he fell prey to Bernie Madoff.

 

Unless Freeney got stuck with some rogue B of A advisor, I find it hard to believe that the wealth management arm of a major bank would be pulling a systematic scam that would vaporize 20 million bucks of his money.

 

They'd be risking a lot more in lost investors by doing that, no?

 

I guess we'll find out.

[southwest1]

I'm no particular fan of them but I'm wondering what Bank of America actually did....the link didn't reveal much at all. His lawyer makes it sound like he fell prey to Bernie Madoff.

 

Unless Freeney got stuck with some rogue B of A advisor, I find it hard to believe that the wealth management arm of a major bank would be pulling a systematic scam that would vaporize 20 million bucks of his money.

 

They'd be risking a lot more in lost investors by doing that, no?

 

I guess we'll find out.

Good point PAC56. Is Freeney's attorney claiming that his money was moved, spent, or put into risky investments without his direct approval or clearance? Or is this a class action lawsuit where the victims just want an out of court settlement? Like a buyout with a nondisclosure agreement to get a check & just walk away. 

 

How come bankers or accountants never go to federal prison? I've always wondered that like a tailored suit gives them immunity from prosecution...Ridiculous...

 

I always remember the documentary "The Smartest Guys In The Room" a film about how executives at Enron lost the retirement pension plans of millions of employees & middle aged people who made all the right moves couldn't vacation in luxury anymore & they were forced to go back to work with nothing to their name anymore just to make shady crooks filthy rich. 

 

If I walk into a bank with a stick up robbery note, I will automatically get 30 years behind bars no questions asked, but Bernie lives in pampered luxury & dies before going to the Big House. That makes my blood boil. 

[southwest1]

What I have a deep disdain for is this: How even if it is proven that Bank Of America mis-appropriated Freeney's funds, the corporation never has to admit publicly that they did anything wrong. 

 

What good is a punishment if the company that committed the infraction is never forced to acknowledge that they got busted with their hand in the cookie jar?

 

& then bankers wonder why citizens want to smash the jar over their darn head. LOL! This lack of accountability makes average joe's & jane's blue with pure rage. The sheer audacity of their greed, incompetence, & indifference. 

 

I'd better stop now before I get myself in hot water...

[Derakynn]

Haven't read this particular article. But essentially he is claiming that he was lied to about the identity of people controlling his money, as well as having his funds managed by some part time BoA worker with no qualifications to be a money manager in any capacity.

[BloodyChamp]

I worked for Variety Wholesalers (that's who owms Roses, Maxway, and a few other dollar stores in the southeast) for 4 years and their bank was Bank of America. Bank of America is always involved in some sort of sham.

[pacolts56]

Haven't read this particular article. But essentially he is claiming that he was lied to about the identity of people controlling his money, as well as having his funds managed by some part time BoA worker with no qualifications to be a money manager in any capacity.

Wow....that sounds highly, highly irregular.

 

Anything is possible these days but for B of A to knowingly screw over a fairly high-profile, high net worth client like Freeney would be crazy. They stand to lose a lot more than they'd gain not only in lawsuit damages but really bad publicity.

 

I'll be curious to see how this unfolds.

[lollygagger8]

I hope he has one of those lawyers that doesn't get paid if they don't win. 

[IndyD4U]

Let me manage it. I can do better than that.

[King Colt]

Sorry Freeney but BOA did not swindle you. People swindle banks but no the other way around. What I think is missing here is a third party such as an adviser Freeney may have hired to "manage" his money. If you want to see how common swindling is watch "American Greed" in the afternoon on CNBC. Remember Bernie Nadoff, one of the greatest swindlers in American history. Never, ever give your money to a friend to work for you....ever.

[Narcosys]

Even if this true, I doubt he wins. Banks have been ripping people off for years. That's just capitalism.

Don't blame capitalism for illegal actions, that's the dumbest thing I've read all day.

[Coffeedrinker]

Even if this true, I doubt he wins. Banks have been ripping people off for years. That's just capitalism. 

No, that's not capitalism. Spoken like someone who has no idea how the world really works.

[DougDew]

BofA has deep pockets. That's why they are being sued.