<div class='quotetop'>QUOTE </div><div class='quotemain'>NFL, union face suit from defrauded players Click here to find out more! NFL.com wire reportsATLANTA (June 27, 2006) -- The National Football League and its players union are on the hook for the $20 million that seven current and former players lost in an alleged fraud scheme because the union endorsed the services of an investment firm even though its manager had liens against him, a lawsuit says.In the lawsuit filed against the NFL and NFL Players Association on June 23 in U.S. District Court in Atlanta, the players say the defendants are jointly liable for their losses from investing with hedge fund manager Kirk Wright.The lawsuit says the union recommended Wright through registration in a union investment program even though Wright and his partner, Nelson "Keith" Bond, had active state and federal tax liens against them.The players also say the union failed to ensure that Wright was properly insured as required by the program, and failed to notify the plaintiffs about those matters.NFL spokesman Greg Aiello said the league believes the allegations in the lawsuit are unfounded and have no merit."We will review the matter with our attorneys and look forward to responding as directed," Aiello said.He added that only one of the players, Blaine Bishop, asked for a background check, and only for Bond, and that a database reviewed by the league's security department found no record of any liens or relevant information.A spokesman for the players union, Carl Francis, said he had no comment on the lawsuit."We're kind of looking into it right now," Francis said. "We don't have all the facts. Once we do, we will address it."In May, Wright was arrested in Miami Beach on federal fraud charges. He also faces a lawsuit filed by the Securities and Exchange Commission against him and his company, International Management Associates.Among the clients deceived by Wright, authorities said, are former Denver Broncos players Steve Atwater, Ray Crockett, Al Smith and Bishop, as well as former longtime Philadelphia Eagles player Clyde Simmons.The five players are plaintiffs in the lawsuit against the NFL and players union, along with Marco Coleman, who has played with six teams including the Broncos, and Carlos Emmons, who currently plays for the New York Giants.The players are asking in the suit for compensatory and punitive damages as well as an injunction to insure that the NFL and its players union have adequate practices in place for performing background checks and protecting players from fraud by registered financial advisers.According to authorities, Wright and his company collected as much as $185 million from at least 500 investors since 1997 and misled some of them to believe the value of those investments was increasing using false statements and documents. As recently as Jan. 25, the firm reported $166.6 million in assets spread across five hedge funds it manages and advises. That money is now missing, according to the SEC.AP NEWSThe Associated Press News ServiceCopyright 2006, The Associated Press, All Rights Reserved</div>http://www.nfl.com/news/story/9528919
<div class='quotetop'>QUOTE </div><div class='quotemain'>Bishop: NFL, union 'failed' players hurt in scam Click here to find out more! NFL.com wire reportsATLANTA (June 30, 2006) -- Steve Atwater told his four kids their recent trip to Cancun might be the last one for a while. Blaine Bishop has tossed and turned at night, worried his retirement safety net could be in jeopardy.The two former NFL defensive backs insisted that the league and its players' union are to blame for the $20 million they and five other current and former players lost in an alleged investment scam.The seven players have sued the league and its union to recover the money, claiming the union endorsed the services of an investment firm even though its manager had liens against him."They are a huge billion-dollar company," Atwater, a former Pro Bowl safety for the Denver Broncos, said of the NFL at a news conference. "We hope that they would at least come to the table and talk to us."Bishop said he is past being mad at the scheme authorities say hedge fund manager Kirk Wright cooked up to steal the players' money. Now, he just wants his money back so he can take better care of his wife and 5-year-old son."It's not to the point of filing for bankruptcy, but it's a large sum of money," said Bishop, a former Pro Bowl safety for the Philadelphia Eagles who also played for the Tennessee Titans. "It didn't destroy us, but ... the NFL failed us."The lawsuit, filed June 23 in federal court in Atlanta, says the league and the NFL Players Association are liable for the losses. The players also say the union failed to certify that Wright was properly insured.NFL spokesman Joe Browne said the lawsuit will have to take its normal course in the courts."We met with representatives of the players last week prior to the filing of the lawsuit. However, the litigation is now in the hands of the attorneys," Browne said. NFL spokesman Greg Aiello said June 27 that the league regards the lawsuit as unfounded and without merit.NFLPA spokesman Carl Francis declined to comment on the players' accusations. He also wouldn't comment on the assertion by the players' lawyers that they asked the union to sit down with them before filing the suit and the union refused."I can't comment on it because I'm not aware that they requested a meeting with the NFLPA," Francis said. "They may have, but I'm not aware of it personally, so I can't comment on it."Wright was arrested in Miami Beach, Fla., in May on federal fraud charges. He also faces a lawsuit filed by the Securities and Exchange Commission against him and his company.According to authorities, Wright and his company collected as much as $185 million from at least 500 investors since 1997 and misled some of them to believe the value of those investments was increasing using false statements and documents. As recently as Jan. 25, the firm reported $166.6 million in assets spread across five hedge funds it manages and advises. That money is now missing, according to the SEC.While Atwater, 39, and Bishop, 35, wouldn't disclose how much money they each lost, they said the scam has affected their lives and perhaps their futures, as they have relied on their NFL earnings for their retirements and vacations."I told the kids we better enjoy it," Atwater recalled. "Unless we get the money back, these trips will be far and few between."AP NEWSThe Associated Press News ServiceCopyright 2006, The Associated Press, All Rights Reserved</div>http://www.nfl.com/news/story/9534836That's pretty messed up, I feel bad for these guys... even though they are all richer than me.
I feel bad for them for getting ripped off. As someone said on another board, they straight up got ripped off, regardless of their social status.If this guy was backed by the league and/or NFLPA (which it sounds like he was) and approved by them to participate in this investment/retirement program, then I think they hold some sort of liability here. If he's just some random investment representative, then the only people responsible for the loss are the people who invested with him. You can't hold the league or players' union responsible simply because that's where the money came from.
