Star NFL defensive player Dwight Freeney today went public with a lawsuit alleging he was the target of an elaborate fraud scheme that was “aided and abetted” by Bank of America, causing him to lose $20 million.
“In 2010, Dwight Freeney authorized Bank of America to manage his assets, including his NFL salary,” Jeffrey B. Isaacs, Mr. Freeney’s attorney, said this morning. “Two years later, Dwight had lost $20 million because of BofA’s fraud scheme.
“This entire scheme could not have succeeded without the substantial involvement and approval of BofA,” said Mr. Isaacs. “It was a nightmare scenario: My client went to one of the nation’s biggest banks and asked for its help managing his finances. What did BofA do? They treated Dwight like a mark in con-game.”
Mr. Freeney, who played for the San Diego Chargers the last two years after 10 seasons with the Indianapolis Colts, is well-known for his prowess at sacking quarterbacks. He ranks 20th in the NFL for the number of sacks (111.5) credited to him. Only four currently active players have better records.
Mr. Freeney played on teams that won one Super Bowl (2007) and three AFC championships. He was a seven time all-Pro Bowl pick, a three-time first team all-Pro and a member of the NFL all-Decade Team.
“What BofA did to Dwight was not an exception,” said Mr. Isaacs. “It was part of a pattern. BofA has a corporate culture of misconduct. BofA repeatedly has been ordered to pay billions of dollars in fines and restitution payments to the federal government and to thousands of homeowners and investors who have been hoodwinked. As a result, BofA has a terrible corporate reputation.”
Mr. Freeney, a 12-year pro football veteran, said the Bank of America “lied to me and ripped me off. I worked hard for my money.
“It is not just me who’s been hurt – my family and people who had jobs in my business ventures.”
The player said he wants his lawsuit “to be a warning to others.”
Besides BofA, Mr. Freeney’s lawsuit, filed in Los Angeles Superior Court, also names Michael J. Bock as a defendant. Mr. Bock is a senior vice-president of Global Wealth & Investment Management, a BofA unit that helps manage the financial affairs of its top clients. Bank of America’s alleged improper involvement began in 2010 in Miami Beach, where Mr. Freeney was living at the time, and continued in LA.
“BofA’s deceitfulness is at the heart of our lawsuit,” Mr. Isaacs, the attorney, said.
BofA, according to the suit, did not disclose to Mr. Freeney that Eva Weinberg –assigned by BofA to manage the player’s business affairs – only was a part-time employee at BofA. She was not licensed to give him investment advice.
The suit asserts BofA, Mr. Bock and Ms. Weinberg, lied to Mr. Freeney about the true identity of Michael A. Stern, who was brought onto Mr. Freeney’s BofA financial team. Mr. Stern was introduced to Freeney as “Michael Millar,” a successful Miami Beach businessman. In fact, Mr. Stern was said to be well-known in south Florida as a financial predator, the target of dozens of lawsuits related to his failed real estate ventures and a man who admitted bribing Miami city officials.
Mr. Schwada may be contacted at john.schwada@gmail.com
