Wednesday, 10 February 2016
Last updated 15 hours ago
Oct 11 2013 | 9:05am ET
Prominent college football coach Tommy Tuberville has settled a lawsuit accusing him of defrauding investors in a hedge fund.
The investors in TS Capital Partners had sought more than $1.7 million from the University of Cincinnati coach, alleging that he and partner John David Stroud misled them and used the hedge fund as something of a personal piggy bank. Tuberville has denied any wrongdoing and claimed that he was a victim of the scam, as well.
Stroud pleaded guilty to running a Ponzi scheme at the firm in August, and has said that Tuberville, who was not charged, had nothing to do with its operations. Stroud was sentenced to 10 years in prison.
A lawyer for Tuberville told the Associated Press that following Stroud's guilty plea, it was "in everybody's best interests to resolve the disputes."
Terms of the settlement were not disclosed. A federal judge approved the deal on Tuesday.