Wednesday, 1 April 2015
Last updated 3 hours ago
Nov 24 2010 | 5:01am ET
A half-dozen former National Football League players have suffered a serious setback in their effort to hold their former union and the NFL responsible for their losses in a hedge fund fraud.
The 11th Circuit Court of Appeals in Atlanta upheld a lower-court decision that found that the National Football League Players Association and the NFL could not be held accountable for the $20 million lost in International Management Associates swindle. The six players who sued the NFL and NFLPA—Steve Atwater, Ray Crockett, Al Smith, Blaine Bishop, Carlos Emmons and Clyde Simmons—claimed that IMA was endorsed by the union and listed in its financial advisers program, even though neither the NFL nor NFLPA had done due diligence on the firm.
The NFL and union countered that the ex-players' lawsuit was barred by the league's collective bargaining agreement, which makes players solely responsible for their financial decisions.
The NFLPA also took aim at Atwater and Bishop, who it says promoted IMA to other players. IMA founder Kirk Wright killed himself in prison just days after his conviction on 47 counts of fraud and money laundering. Investors lost tens of millions of dollars in the Ponzi scheme.
A lawyer for the ex-players said that no decision has been made about an appeal.
Mar 9 2015 | 6:35am ET
As more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…