Many reading this would enjoy the opportunity to invest a solid $15 million into mining bitcoins, but an NFL star is alleging in civil court that his financial manager, Ameriprise Financial employee Michael Vick, did exactly that – with the star’s money. The tone of the lawsuit makes it seem that the money manager was so confident in his investment at the time that he assured Darren McFadden, a running back for the Dallas Cowboys and rising star in professional American football, that: [Michael Vick] promised to pay back Plaintiff any funds that Plaintiff invested in such business venture. Instead, consistent with Plaintiffs recently-revealed pattern and practice Defendant Vick used Plaintiff’s fund to start this bitcoin “business”, including using all of Plaintiff’s monies to purchase all the necessary infrastructure and materials, only to retain all the revenues generated or derived from the “business” along with all the corresponding business assets purchased with Plaintiffs money. Michael Vick the financial manager should not be confused with the shamed dog-fighting Pittsburgh Steelers quarterback, although they perhaps share a penchant for money making schemes which are less than honest.
McFadden recently came to the realization that the man he put in charge of “safeguarding his use of cash to protect his earnings” was in fact squandering it on pointless schemes, more than just the business of Bitcoin mining, which has been rocked by so more scandals than one article can possibly cover. In total, the Bitcoin operation, which is only vaguely referenced in the initial filing, only represents a fifth of the alleged $15 million which Vick is said to have burned. Due to the exhortations of the supposed white collar scam artist, McFadden was compelled in August, 2008 to vest the advisor with power of attorney over much of his assets, a move […]
