Tuesday, 3 May 2016
Last updated 13 hours ago
Apr 4 2012 | 2:25am ET
Tommy Tuberville was a victim of his own hedge fund, the Texas Tech University football coach has said as he seeks to have a lawsuit against him dismissed.
Tuberville said he lost the $450,000 he invested in TS Capital, which he set up with John David Stroud. Tuberville, Stroud and TS were sued by investors who claimed that the two men and their firm lied to clients and used the firm as a personal piggy bank.
Tuberville has previously denied the allegations, noting that he never solicited any of TS's investors and was not involved in the day-to-day operations of the Auburn, Ala.-based firm. He went even further in the motion to dismiss, saying that none of the investors suing him offer "any assertion—much less any facts—that Coach Tuberville's statements… induced any of their investments."
The Commodity Futures Trading Commission said last month that it is investigating Stroud, but did not mention Tuberville.