Friday, September 21, 2012

NFL QB Victimized By Abused POA Seeks To Vacate Judgment Obtained By Lender w/ History Of Preying On Football Players By Loaning Cash On Onerous Terms

In New York City, Courthouse News Service reports:

  • NFL quarterback Vince Young claims in court that his former financial adviser and sports agent fraudulently took out a nearly $1.9 million loan in his name from a predatory lender.

    Young is suing the lender, Pro Player Loan, in New York County Supreme Court in an effort to get the lender off his back.

    "Young has never received a penny from the purported Pro Player 'loan' proceeds, nor has he ever communicated with anyone from Pro Player or knowingly executed any loan agreements with Pro Player," the lawsuit states.

    Young says the loan was fraudulently obtained by his former financial adviser, Ronnie Peoples, and his former agent, Major Adams II, neither of whom are defendants in the lawsuit. Young says he gave Peoples and his company, Peoples Financial Services, power of attorney to act on his behalf financially.

    Peoples and Adams allegedly took out a nearly $1.9 million from Pro Player Funding, which the lawsuit describes as "a predatory lender with a history of loaning funds to football players on extraordinarily onerous terms."

    Under the terms of the loan, Pro Player disbursed just 59 percent of the total loan amount after prepaid interest and fees, and demanded 30 percent interest when the loan went into default in June, according to the lawsuit.

    Despite Young's insistence that he never took out the loan, "Pro Player has subjected Young -- and his former football team, the Buffalo Bills -- to a barrage of threats and excessive and needless discovery requests in an effort to enforce its judgment."

    He says the lender even tried to serve him with papers at the Buffalo Bills' training camp in early August.

    Pro Player allegedly won a judgment by confession in July, requiring Young to pay $1.69 million in outstanding principal plus 9 percent interest until the judgment has been paid in full.
  • The athlete wants the court to vacate the judgment, claiming Pro Player failed to take "reasonable steps to ensure that Young was aware of the transaction, that he authorized it, or that he would benefit from it."

    "Indeed, the circumstances of this loan should have given rise to grave suspicions on the part of Pro Player as to whether the transaction was legitimate," Young claims. "Pro Player, however, turned a blind eye to those circumstances, motivated by its rapacious desire to earn the exorbitant profits on the loan."

    Young was released from the Buffalo Bills on Aug. 27 and is now a free agent.
For the story, see QB Says He's Not Liable for Bogus $1.9M Loan.

For the lawsuit, see Young v. Pro Player Funding LLC.

Thanks to Deontos for the heads-up on this story.

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