Former Raiders running back Darren McFadden has reportedly filed a $15 million lawsuit against his former business manager, Michael Vick (not the former NFL quarterback), saying his money was mishandled and misappropriated during his NFL career.
McFadden signed a six-year, $60 million contract with the Oakland after being selected No. 4 overall in the 2008 draft. The lawsuit reportedly claims that financial adviser Vick, not to be confused with the NFL quarterback, used fraudulent documents to gain power of attorney over the athlete's wealth before the 2008 NFL regular season, according to an ESPN report. Vick, allegedly, produced misleading financial records to cover up ongoing fraud.
The lawsuit, filed in a Little Rock, Arkansas, federal court, alleges that Vick used McFadden money as a personal slush fund. Vick's power of attorney has been revoked.
Financial stability has been an ongoing issue regarding NFL players who acquire lucrative contracts at a young age without sound, ethical advisors to support them. Many star players end up bankrupt.
According to a CNN Money article by Heather Long, "Just two years after their athletic careers end, 78% of former NFL players are bankrupt or nearly there, according to an analysis by Sports Illustrated."
Now a Dallas Cowboy, the 28-year-old McFadden is playing out a two-year, $3 million contract and will be a free agent in 2017.