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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.
Brahmbhatt previously told Yahoo! Sports that Jade Management had more than 30 of their clients involved with allegedly fraudulent Success Trade investments. Odrick was among those players.
“We intend to aggressively prosecute this case and hold everyone who participated in this alleged Ponzi scheme at Success Trade and Jade Wealth Management responsible for their actions,” Odrick’s attorney Jeffrey Erez said.
Among the athletes who purchased promissory notes from Success Trade were Detroit Pistons guard Brandon Knight, Cleveland Browns cornerback Joe Haden, San Francisco 49ers tight end Vernon Davis, former Washington Redskins running back Clinton Portis and former Chicago Bears defensive end Adewale Ogunleye.
“Professional athletes are too often the target of promoters of financial scams because they are often young men who are financially unsophisticated and have large amounts of disposable income,” said Jeffrey Sonn, another of Odrick’s attorneys.