Sergei Fedorov filed a lawsuit against his former wealth manager Joseph Zada on Thursday, alleging that Zada defrauded the Russian superstar out of tens of millions of dollars.
The complaint states that Zada and his investment companies breached the fiduciary duty owed to Fedorov, by committing fraud, embezzlement and a host of other wrongs.
After a mutual friend introduced the two in 1998, Fedorov initially invested $43 million with Zapa. During their eleven-year relationship, Fedorov never received an accounting of his investments. As alleged in the lawsuit, whenever Fedorov inquired about his investments, Zada used a variety of deceptive tactics to prevent him from discovering the truth about his assets. When Fedorov asked for his money, Zada did not return it.
Earlier this year, the parties entered into an agreement that would pay back the former Detroit Redwing $60 million over a period of time in exchange for a release of any claim. However, at the time of the lawsuit, ...
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