Former NFL Pro Receives 40 Years for Investment Fraud
A former NFL player was recently convicted on 15 counts of wire fraud, bank fraud, and conspiracy and sentenced to 40 years in federal prison for his participation in a massive investment fraud scheme that cost investors millions.
Robertson and Vaughn defrauded more than 50 investors out of over $10 million and spent the funds on personal expenses.
From 2009 through 2016, former Philadelphia Eagles and Minnesota Vikings player Merrill Robertson, Jr. and his co-conspirator Sherman Carl Vaughn misled investors into believing that they were experienced investment advisors that ran a successful private wealth management fund. A majority of the investors solicited were close friends and mentors that Robertson had met in college and the NFL.
Despite Robertson’s close relationship with many of the investors, Robertson and Vaughn misrepresented their abilities as investment advisors and, among other things, failed to disclose that Vaughn had declared personal bankruptcy four times, including twice when he was soliciting investors. Moreover, instead of investing the money for the investors’ benefit, Robertson and Vaughn used the investor’s funds for their own personal expenses, including mortgage payments, school tuition, and lavish vacations. In total, Robertson and Vaughn defrauded more than 50 investors out of over $10 million.
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