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Rondell White, Cliff Floyd and four other ballplayers scammed, lawsuit says

May 5, 2010, 1:30 PM EDT

Ex-ballplayers Rondell White, Cliff Floyd, Gregg Jeffries and Todd Hundley — and current ballplayers David Wright and Jason Marquis — were allegedly defrauded in a real estate scam.  So says the complaint White and Floyd have filed in federal court anyway:

The lawsuit claims that [Defendant Stephen] Hill, who had served as White and Floyd’s
financial adviser for some 15 years, had allegedly “guaranteed that the
Whites would not only get all of their money back quickly, but would
make a substantial profit on their investment,” based on the notion that
a buyer for the distressed property — priced at $14.485 million, but
supposedly appraised at $18 million — had already been secured.

But when White and Floyd both began to inquire about the status of
the deal at various points over the following three years, Hill, they
say, would become “markedly evasive” about the details, finally
prompting them to contact an attorney this spring. White and Floyd claim
that the first documentation for the deal of any kind was shown to them
in March 2010, over two years after their investment.

White is alleged to have been bilked out of $1 million and Floyd is down $1.25 million.  The other investors — who are not part of this lawsuit, but could presumably be later — are in for anywhere between $250K and $500K a piece.

I’ve dealt with lawsuits like this one before. The chances that they’re going to see any of that money again are somewhere between slim and oh dear, you gotta be kidding me.

In other news: hey, a Gregg Jeffries sighting! Neat!

  1. GimmeSomeSteel - May 5, 2010 at 1:45 PM

    As an accountant, this is why I advise all my clients who have significant money to diversify, not just between investments but between advisers.

  2. Joey B - May 5, 2010 at 2:24 PM

    “As an accountant, this is why I advise all my clients who have significant money to diversify, not just between investments but between advisers.”
    While you’re at it, drop the news about the tooth fairy not being real. Honestly, this has become an everyday occurence. Maybe growing up in NY gives you a different perspective on things, but people don’t generally just give money away. There was a story recently about some guy on the left coast in a gold scam. He was selling people a story about an amount of gold that doesn’t even exist in the entire world. Investment banks, diversification, and I’d probably add sticking to index funds so that they don’t soak you for fees.

  3. D - May 5, 2010 at 2:38 PM

    Isn’t it at all possible that these players have any responsibility at all in this? Did this advisor lure them in…wait around for 15+ years and then pull a fast one on them? Thats a long time to wait to scam someone. Also – what exactly are the details? Did the advisor invest any of their own money? Did the players sign a prospectus? Wouldn’t it be their responsibility to read AND understand it?
    A property was purchased – something real – the property must be there- right? Is anyone making money on real estate that was purchased a few years ago? Do these players watch the news? BTW -I don’t know anyone who hasn’t lost money in an investment…does that mean that they were defrauded??? Give me a break

  4. RamboDiaz - May 5, 2010 at 2:52 PM

    Gregg Jefferies: man, he absolutely *raked* for my Front Page Sports Baseball ’94 Team.

  5. The Rabbit - May 5, 2010 at 4:14 PM

    I was expecting to find an article about Lenny Dykstra.

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