Many players entering the league will hire professionals to handle several aspects that come with playing in the NFL. Most of them hire a manager to look after the millions of dollars they make but sometimes it can come back to bite them.
It doesn't happen often but in the case of former Indianapolis Colts defensive end Cory Redding, he was scammed out of roughly $4.5 million from his financial advisor.
Even though the court documents identify Redding as "Individual A," the Indianapolis Star identified found that it was, in fact, Redding.
Redding was scammed by his money manager, Kenneth Cleveland, of Agoura Hills, Calif., who used almost half of that total in a Ponzi scheme.
Per the Indianapolis Star:
It doesn't happen often but in the case of former Indianapolis Colts defensive end Cory Redding, he was scammed out of roughly $4.5 million from his financial advisor.
Even though the court documents identify Redding as "Individual A," the Indianapolis Star identified found that it was, in fact, Redding.
Redding was scammed by his money manager, Kenneth Cleveland, of Agoura Hills, Calif., who used almost half of that total in a Ponzi scheme.
Per the Indianapolis Star:
The indictment said the player hired Cleveland as his financial manager shortly after he started his NFL career in 2003.
Cleveland, according to the indictment, used more than $2 million to pay fake investment returns to his other clients. Authorities also said he spent more than $2 million more on his home mortgage, credit card bills and payments to family members.
Redding was originally a third-round pick by the Detroit Lions in the 2003 NFL Draft. He played with the Lions until 2008 and spent time with various teams and was with the Colts from 2012-2014.Cleveland, according to the indictment, used more than $2 million to pay fake investment returns to his other clients. Authorities also said he spent more than $2 million more on his home mortgage, credit card bills and payments to family members.
