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Darren McFadden files lawsuit against financial advisor for failed Bitcoin venture
By Adam Spencer
Published:
Former Arkansas RB Darren McFadden recently announced his retirement from the NFL, hanging up his cleats after an up-and-down 10-year professional career.
Now, though, he’s filed a $15 million lawsuit against his financial advisor, Michael Vick (not the former NFL player), alleging Vick mishandled $3 million of McFadden’s money.
Per a report from ESPN.com, McFadden wanted Vick to use the money for a Bitcoin venture, but that never happened, as Vick used the money instead to fund his lifestyle.
According to investment fraud attorney Chase Carlson, had that $3 million been invested in Bitcoin as McFadden had wanted, it would be worth more than $200 million today:
NFL running back Darren McFadden alleged a financial advisor wrongfully took $3 million from him relating to a #Bitcoin venture. Had it actually been invested in Bitcoin, it would be worth about $237,000,000: https://t.co/1OkX9Ll2WX
— Chase Carlson (@ChaseACarlson) December 18, 2017
McFadden said in the story that he shouldn’t have trusted Vick, saying he didn’t have McFadden’s best interests at heart:
“It’s just one of those deals with me as a young guy I wasn’t on top of my finances like I should have been and I trusted somebody to take care of everything for me and I don’t feel like at the time he had my best interest.”
The case has not been heard in court yet, so it remains to be seen how it all plays out. However, McFadden has a lot of money on the line as the case proceeds.
Adam is a daily fantasy sports (DFS) and sports betting expert. A 2012 graduate of the University of Missouri, Adam now covers all 16 SEC football teams. He is the director of DFS, evergreen and newsletter content across all Saturday Football brands.
