NFL running back, Darren McFadden, has had his fair share of ups and downs since he was drafted with the fourth pick in the 2008 NFL Draft by the Oakland Raiders.
McFadden has been riddled with injuries during his time in the NFL, and has not played a complete season throughout his eight year career. Having talent that could only be described as not fully realized, or perhaps a series of unfortunate events, McFadden’s hardships continued off the field as well.
After discovering as many as ten allegations, McFadden sued his long-time business manager and Ameriprise Financial employee, Michael Vick, after he inappropriately handled and burned through close to $15 million dollars subsequently to being appointed as McFadden’s power of attorney in 2008.
The name Michael Vick has been synonymous with bad decisions (thanks to a former NFL quarterback’s dog fighting scandal), and Vick’s recent mishap involved investing $3 million of the alleged $15 million into mining bitcoins damaged association with the name even more.
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For those of you who are not familiar, Bitcoin is a recently developed currency launched in 2009 by an unknown individual using the alias, Satoshi Nakamoto – sounds reliable already! There are no transaction fees, and it is not even necessary to give your real name.
Bitcoins can be used to purchase merchandise anonymously and consist of simple payment plans since Bitcoin is not tied to any country or subject to regulation. Buying bitcoins in the investment world would be considered, “hoping for the best,” to say the least.
Vick had a few “brilliant” ideas, but was finally caught when he tried selling McFadden a building in which the running back had already purchased using his own income. It took McFadden close to eight years to notice the scandal.
In the lawsuit, McFadden states that Vick used fraudulent documents to gain power of attorney, and fabricated financial records to hide the money he was spending. After learning of his spending, McFadden fired Vick, “six to seven months ago,” and recovered his power of attorney status.
In the beginning, McFadden believed it was an innocent push to help a friend in need that he grew up with and trusted. “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,” said McFadden.
The case cites an Arkansas law which requires specific requirements and behavior that financial managers, accountants, and advisers are supposed to abide by. The totaling sum reaches over $15 million, but McFadden is more concerned about Vick’s dishonorable actions since the two had been close family friends.