A Long Way From UT
Vince Young wants to know where the money went: Up to $15.5 million missing,lawsuit alleges
Former University of Texas star Vince Young filed a lawsuit on Monday against his former financial advisor and family friend, accusing them of taking millions from him.
The lawsuit accuses Ronnie Peoples, People's Financial Service Inc., and Major Adams II of conspiracy to commit fraud, misappropriation of funds, unjust enrichment, negligent misrepresentation, conversion and breach of contract, among other offenses.
The Houston native and Madison High School graduate is represented by Austin attorney Trey Dolezal of Kasling, Hemphill, Dolezal & Atwell.
In addition to the $5.5 million, there are more than $10 million of “counter-withdrawals” and “debit memos” that have been rendered untraceable.
According to the lawsuit, Young was left “in the unenviable position of losing no less than $5.5 million while his assets were under People's Financial Services’ control.” In addition to the $5.5 million, there are more than $10 million of “counter-withdrawals” and “debit memos” that have been rendered untraceable. In the suit, Young accuses Peoples and People's Financial Services of impersonating him by email and forging his signature.
The lawsuit accuses Adams of securing “loans of lines of credit in an amount between $200,000 and $500,000 by impersonating Young.” Young alleges that Adams used this money to repay personal debts he owed. Young claims to have cut all ties with the former family friend after his discovery of the alleged frauds.
Peoples and Adams handled Young’s financial affairs during his tenure with the Tennessee Titans, from 2006 to 2010. Adams, a local criminal defense attorney, negotiated Young’s first contract in the National Football League.
Young seeks to recover all the damages as well as attorney fees.
This past season, Young appeared in six games for the Philadelphia Eagles, throwing for 866 yards, four touchdowns against nine interceptions and a dismal 60.8 quarterback rating after infamously branding the Eagles, a "Dream Team" in the preseason. Young signed a one-year contract (for a reported $2 million) with the Buffalo Bills in May as he attempts to regain the promise that turned him into a college football superstar and a two-time Pro Bowl quarterback (2006 and 2009) in his Titans' days.
Coming out of Texas, Young only scored a six (out of a possible 50) on the Wonderlic intelligence test that teams have NFL prospects take, a result that was leaked and has followed Young around for years.
Young is now represented by well-known NFL agent Tom Condon.
