Professional Athletes Should Beware Financial Fraud

By Kevin Muhlendorf and Colin Cloherty (December 14, 2018, 12:25 PM EST) -- On Nov. 7, 2018, Peggy Ann Fulford was sentenced to 10 years imprisonment after her guilty plea for defrauding, among others, athletes Ricky Williams and Lex Hilliard of the National Football League and Travis Best and Dennis Rodman of the National Basketball Association. In her plea agreement, Fulford admitted that over 13 years, she stole millions of dollars from her athlete clients utilizing her advisory firm, Premier Management. She further admitted that as part of the fraud, she lied to her clients about having graduated from the Harvard Business and Law Schools and about having made millions of dollars buying and selling hospitals. According to the U.S. Department of Justice press release issued after Fulford's sentencing, Fulford's victims gave her access to their bank accounts after she told them she did not charge a fee because she "already had millions of dollars and just wanted to protect them." At Fulford's sentencing, when asked how much money Fulford stole, Ricky Williams' ex-wife testified — "all of it."...

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