Not for Attribution
- Rand Getlin at not-for-attribution9 mths ago
Arizona Cardinals Pro Bowl cornerback Patrick Peterson fired agent Patrick Lawlor on Monday night, two months before Peterson is expected to begin negotiating an extension with the Cardinals that could see him earn more than $50 million guaranteed, making him the highest-paid defensive player in the NFL.
Peterson, who the Cardinals drafted with the fifth pick in the 2011 NFL draft, is widely regarded as one of the top defensive players in the league and is on pace to make his third consecutive Pro Bowl. He has three interceptions, 10 passes defended, 202 return yards with four touchdowns and 64 yards receiving on the season.
Lawlor took aim at the NFL Players Association on Tuesday night for what he believes is fostering an environment where Lawlor says agents consistently go outside the union's rules to convince a player to switch representation. He said he's likely to file a complaint with the union regarding rules he believes were broken in regards to Peterson.
- Rand Getlin at not-for-attribution10 mths ago
Philadelphia Eagles wide receiver DeSean Jackson and former NFL wide receiver Terrell Owens have raised questions about the fairness of the NFL Players Association's arbitration procedures, according to league sources and documents obtained by Yahoo Sports.
Owens alleges the union is attempting to force him to use an arbitrator who he says is "essentially on [Drew] Rosenhaus' payroll," in a $6.5 million dispute between he and his former agent.
Jackson raised concern with being forced to use the same arbitrator — Roger Kaplan — in a dispute between he and Rosenhaus over more than $400,000. The wide receiver alleges he was never informed Kaplan was receiving money from Rosenhaus for serving as an arbitrator in an unrelated dispute between the agent and a former employee. Jackson says the financial relationship between Rosenhaus and Kaplan gives rise to the appearance of bias, and Jackson has asked Kaplan to recuse himself from his matter.
- Rand Getlin at not-for-attribution10 mths ago
Former financial adviser Jinesh “Hodge” Brahmbhatt has been banned by the Financial Industry Regulatory Authority in relation to his participation in an alleged $18 million fraud that ensnared a number of prominent NFL and NBA players, Yahoo Sports has learned.
Brahmbhatt signed a letter of Acceptance, Waiver and Consent with the Financial Industry Regulatory Authority on Nov. 4 after failing to appear and testify at an August disciplinary proceeding aimed at getting to the bottom of the alleged fraud.
Brahmbhatt's attorney Alan Futerfas of The Law Offices of Alan S. Futerfas emphasized that Brahmbhatt was banned by FINRA for failing to appear at the August disciplinary proceeding and cautioned against reading any further into that outcome.
"The FINRA Consent makes clear that the reason for the bar is that Mr. Brahmbhatt 'failed to appear and testify at the disciplinary hearing' of Success Trade. FINRA did not lodge any charges against Mr. Brahmhatt in relation to the Success Trade offering. Any suggestion or implication to the contrary is unfounded."
- Rand Getlin at Not for Attribution10 mths ago
South Carolina defensive end Jadeveon Clowney has informed a person close to him that he is leaning toward signing with Jay Z's Roc Nation Sports, according to a source familiar with his recruitment.
Though Clowney has experienced a decline in his production this year, he remains a presumptive top-10 pick in the 2014 NFL draft. While his first two seasons at South Carolina saw him record 21 sacks and 35.5 tackles for loss, he has just two sacks and 6 1/2 tackles for loss through nine games this season.
Clowney has already been publicly linked to Jay Z, whose given name is Shawn Carter. A July report in "Inside The League" indicated Clowney was "smitten" with the superstar rapper-turned-sports agent and that the two had been in "regular contact under the guise of the rapper recruiting him for his marketing potential."
The day the report surfaced, Clowney posted a picture on his Instagram account of an article discussing the report with the caption, "You kno we about to turn up. Dream coming true."
Miami Dolphins defensive end Jared Odrick filed a lawsuit against financial firm Success Trade and prominent financial adviser Jinesh “Hodge” Brahmbhatt of Jade Management for their role in placing players in allegedly fraudulent investments.
Law firm Sonn & Erez PLC announced the suit Friday.
Yahoo! Sports reported Wednesday that multiple federal agencies including the FBI, the U.S. Securities and Exchange Commission and the Department of Justice were probing Success Trade investments. The Financial Industry Regulatory Authority (FINRA) has red-flagged Success Trade for selling $18 million in fraudulent and unregistered promissory notes to 58 investors, 30 of whom were professional athletes.
On the heels of regulators red-flagging a potential $18 million scam last week, multiple federal agencies are probing investments sold to NFL and NBA players, Yahoo! Sports has learned.
According to multiple sources that spoke to Yahoo! Sports on the condition of anonymity, several professional athletes have either been contacted or been urged to contact investigators from the U.S. Department of Justice, the FBI and the U.S. Securities and Exchange Commission.
Three sources also told Yahoo! Sports that the NFL Players Association has asked a handful of its athletes with investments tied to Jade Management to contact FBI investigators. Jade previously managed finances for dozens of professional athletes, and had investment ties to Success Trade – a firm that came under fire from the Financial Industry Regulatory Authority (FINRA) last week. Success Trade was ordered to halt fundraising last week after allegedly selling $18 million in fraudulent and unregistered promissory notes to 58 persons, many of whom were NFL and NBA players.
Financial regulators overseen by the U.S. government have ordered an investment firm with prominent NFL and NBA clients to halt fundraising after allegedly selling $18 million in fraudulent and unregistered promissory notes.
The Financial Industry Regulatory Authority (FINRA) has accused Success Trade Securities and its owner, Fuad Ahmed, of lying about key facts surrounding investments secured by 58 clients. FINRA did not release the names of the athletes ensnared in the scam, however, an 18-month investigation by Yahoo! Sports determined that a large portion of those involved were players represented by Jade Private Wealth Management.
While Jade’s client list has fluctuated, the investment firm boasted more than 70 NFL players at one point, including among others, Cleveland Browns cornerback Joe Haden, New York Giants wideout Victor Cruz, San Francisco 49ers tight end Vernon Davis, as well as former stars such as running back Clinton Portis and defensive end Adewale Ogunleye.
One year ago, Everette Scott was under federal indictment for fraud. Months after that indictment, the NFL Players Association certified him to continue his career as an NFL agent. Now he has been convicted and is scheduled for sentencing in September, and the NFLPA is declining to comment on it.
Scott and a co-defendant were convicted early last week of defrauding investors of more than $5 million, according to the U.S. Department of Justice. Scott was found guilty on one count of securities fraud and two counts of wire fraud, after he and his his co-defendant Tryone Gilliam solicited and misappropriated investor funds that Gilliam used to buy luxury cars, jewelry, and other items. Prosecutors also said Scott and Gilliam produced falsified bank records and made false statements to investors in an attempt to conceal the fraud.
- Rand Getlin and Jason Cole at Not for Attribution1 yr ago
By Rand Getlin and Jason Cole
NFL Players Association executive director DeMaurice Smith referred long-time former colleagues to defend Drew Rosenhaus during an NFLPA arbitration, Yahoo! Sports has learned.
That action has ruffled the feathers of multiple prominent agents who spoke to Yahoo! Sports on the condition of anonymity, expressing frustration at what they termed a significant conflict of interest. The agents have alleged that Smith’s referral – essentially aiding Rosenhaus in defending himself before an NFLPA arbitrator – is a clear example of Smith protecting an agent rather than impartially governing.
“It’s a major conflict of interest for the executive director of the NFLPA to be referring attorneys to Rosenhaus,” one agent said.
The paramount issue at hand is that the NFLPA may eventually have to sanction Rosenhaus in his case, which involves a dispute between the well-known agent and former employee Danny Martoe. Martoe was a longtime employee of Rosenhaus Sports Representation before being fired in 2012. He is now seeking more than $1 million in commissions and damages stemming from his work with Rosenhaus.
- Charles Robinson at not-for-attribution1 yr ago
In a small way, your college football team is likely cheating every game day. At least, that’s what a long-tenured college football equipment manager believes.
With the college football season coming to a close, we conducted a Q&A with an equipment manager about some of the white lies and misdemeanors that occur in the sport. Specifically, the focus was to revisit the football-deflating fiasco at USC earlier this season, when an allegedly rogue student manager for the Trojans was busted and dismissed for deflating footballs in a loss to Oregon.
While not exactly a high crime in the eyes of fans, tampering with balls is something the NCAA and member conferences take seriously. And it got us wondering how often such low-tech cheating takes place. The question brought us to a longtime equipment manager who agreed to talk about the sideline shenanigans – so long as we didn’t identify him or his team. What we can say is that his resume includes longtime employment in a power conference, with a program in perennial bowl contention.