Report: Former Cowboy Lost Out On Bitcoin Fortune According To Lawsuit
(CBSDFW.COM) - The New York Post is reporting, former Dallas Cowboys running back Darren McFadden might have lost out on a multi-million dollar Bitcoin fortune as a result of a fraudulent investment at the hands of his one-time business manager.
McFadden, 30, announced his retirement two days after his release by the Dallas Cowboys in late November.
McFadden sued Michael Vick of Mabelvale, Arkansas (no relation to the former NFL quarterback of the same name), last June for $15 million, alleging money was mishandled throughout his career, which included a $3 million loss in a Bitcoin business venture, according to ESPN.
The New York Post reported at the time of the filing, one bitcoin would cost an investor nearly $800, equating to almost $20,000 today. The $3 million investment would now be worth $237 million.
"Rather than securing for Plaintiff a lifetime of financial security as Defendant Vick promised Plaintiff, Defendant Vick covertly used Plaintiff's income as his personal slush fund to subsidize his own lifestyle and expenses and to invest in his own projects," the lawsuit states.
Vick was named McFadden's power of attorney in 2008, after the running back was selected fourth overall by the Oakland Raiders, the New York Post reports.
McFadden claimed in the lawsuit Vick had used fictitious documents to gain that position, in addition to falsifying financial records to hide his actions. McFadden fired his business manager last year.
McFadden previously described him as an "old family friend" whom he trusted to handle his finances, according to the Post.
"It's just one of those deals with me as a young guy I wasn't on top of my finances like I should have been and I trusted somebody to take care of everything for me and I don't feel like at the time he had my best interest," McFadden told the Dallas Morning News in June 2016.