National Football League running back Darren McFadden is currently involved in a complicated, contentious federal lawsuit against several parties, including a man who used to be his close friend and financial adviser. Real estate disputes have arisen in the midst of other problems, with McFadden accusing his former friend of illegally transferring property worth approximately $15 million to hide assets and prevent possible economic loss if the court winds up ruling in McFadden’s favor. A bank where McFadden’s money was kept at the time the whole situation unfolded was recently added as a defendant in the athlete’s claim. Some Florida residents may relate to his situation.
McFadden, who now plays for the Cowboys, had just signed a $60 million deal with the Raiders when his disputes with his former financial adviser arose. The basic premise of the case is that McFadden claims his former friend acted fraudulently by convincing him to give him the authority to conduct financial transactions on his behalf. He says his friend told him he was a seasoned financial adviser, then proceeded to remove at least $15 million from his bank account over time, without his permission.
McFadden asserts that the bankers named as defendants should be held legally accountable for his losses. His attorneys say bank officials are trained to notice possible fraud and should have flagged the account, or at least checked with McFadden to confirm he was aware of the transactions. In his claim, McFadden also names relatives of his former financial adviser as defendants.
McFadden claims that the real estate disputes arose because the relatives accepted a transfer of property from his former financial adviser to help him hide and protect assets with regard to McFadden’s original lawsuit. Attorneys for the other side say their client had every right to remove funds from McFadden’s account because McFadden signed over the authority to do so. A federal judge has denied a motion to dismiss the complaint. Florida residents facing similar issues regarding disputed real estate transfers may seek guidance from an experienced attorney before heading to court.
Source: arkansasonline.com, “Judge declines to toss McFadden’s suit against couple“, Linda Satter, Accessed on Oct. 11, 2017