Football Star Says Ameriprise Rep Stole His Money
Dallas Cowboys running back Darren McFadden is suing Ameriprise Financial for $15 million over alleged negligence in supervising a broker, writes Minnesota’s Star Tribune.
McFadden’s suit alleges the firm started investigating broker Michael Vick Jr. over “suspicious and unauthorized account activity” in McFadden’s account as early as January 2010 but never told McFadden about its concerns, the paper writes.
Further, Ameriprise allegedly never informed McFadden that Vick — who isn't the similarly named former NFL quarterback convicted for his part in a dog fighting ring — was suspended later that year, the Star Tribune writes.
In the 10 months leading up to Vick’s suspension, the firm allegedly “allowed” him to transfer more than $3 million out of McFadden’s accounts, according to the suit as cited by the newspaper. Meanwhile, McFadden kept Vick, who left Ameriprise shortly after his suspension, as his advisor until 2015, according to the Star Tribune.
Over eight years starting from 2008, when McFadden, then 20 years old, granted Vick power of attorney, Vick allegedly lost or stole $15 million from the football star, including $8 million spread out over more than 1,000 cash withdrawals, according to the suit cited by the Star Tribune.
Ameriprise declined comment on the allegations, telling the newspaper it had just learned about the suit.
Vick has denied wrongdoing in court filings, with the case scheduled to go to trial in 2018, the Star Tribune writes.
Ameriprise, meanwhile, has been in hot water with regulators over failures in its supervision of brokers. In at least two such cases, regulators said the firm was too slow to investigate potential misconduct, according to the newspaper.