A financial advisory firmby the Securities and Exchange Commission with defrauding former professional football players.
Former principals of Cambridge Capital Group Advisors, Philip Timothy Howard and Don Warner Reinhard, allegedly took more than $4 million from around 20 retired NFL players to invest in private hedge funds managed by the Tallahassee, Florida-based firm from October 2015 to March 2017. More than 20% of the players' funds were allegedly misused by the partners, the SEC said Thursday. Howard allegedly used some of the funds to cover the cost of his personal residential mortgages.
The former players first landed in the offices of Howard and Reinhard in the hopes of joining the class-action lawsuit against the National Football League over concussion-related brain injuries. Some of the menMore from Personal Finance:
NFL should start a no fee RIA firm for its players. Let the players invest there with professional money managers that are employed by the NFL.
This shit happens way too often. I know a few hockey players who were ripped off by their attorneys. How do people live with themselves doing this?
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