This is just all sorts of unfortunate. Remember the 2016 story that broke noting then-Dallas Cowboys running back Darren McFadden was suing his former financial adviser claiming said individual mishandled $15 million in investments?
It was a somewhat under-the-radar story at the time. But now, with the Bitcoin phenomenon taking over, the story itself is taken to an entirely new level. Said suit noted that adviser Michael Vick (no not that one) mishandled a $3 million business venture into Bitcoin.
“Dallas Cowboys running back Darren McFadden has sued his longtime business manager, saying he misappropriated and mishandled money throughout his NFL career, including $3 million lost in a bitcoin business venture,” per ESPN’s 2016 report.
The total amount of said investment if it had actually been made would now be worth a cool $237 million.
My gosh. Imagine losing over a quarter billion because of some shady dealing from a financial adviser. Imagine this happening after you seemingly took advantage of a booming Bitcoin market that had not yet grown to the levels we see today.
“Rather than securing for Plaintiff a lifetime of financial security as Defendant Vick promised Plaintiff, Defendant Vick covertly used Plaintiff’s income as his personal slush fund to subsidize his own lifestyle and expenses and to invest in his own projects,” the lawsuit said,” the original suit noted.
Even if McFadden — since retired from the NFL — does indeed win this suit, there’s no way he’s going to collect anywhere near the money Vick cost him. That’s the sad reality of the situation when shady businessmen swindle their clients in this free enterprise market.
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