May 18, 2017 Comments (0) Current Investigations

Cowboys Running Back Darren McFadden Sues Ameriprise for $15 Million

Darren McFadden
(Last Updated On: May 18, 2017)

Darren McFadden Files Second Lawsuit

According to reports, Dallas Cowboys running back Darren McFadden has filed a second lawsuit in Little Rock, Arkansas over the management of his finances.

Mcfadden initially filed a lawsuit in June against Michael E. Vick, McFadden’s business manager and financial adviser and friend of the family. McFadden alleges Vick took millions of dollars for his own personal use and mishandled his duties.

According to The Arkansas Democrat-Gazette McFadden filed a second lawsuit Friday in Little Rock against Ameriprise Financial Services Inc., the company Vick worked for when he handled McFadden’s finances.

The suit alleges the company was negligent and actively concealed Vick’s actions as he took advantage of McFadden at a young age to seize control over his professional income, assets and retirement savings.

The second lawsuit accuses Ameriprise with allowing Vick to persuade McFadden, when he was just 20 years old, to permit Vick to use the power-of-attorney authorization to gain authority over McFadden’s accounts.  Reportedly the authorization was among “the broadest and most sweeping” in the securities industry.

The suit accuses Vick of converting McFadden’s cash and assets for personal use for close to eight years. It notes that McFadden only recently learned that, through 2010, the company “was engaged in an internal investigation of its then-employee Vick related to suspicious and unauthorized account activity” regarding McFadden’s account.

Michael E. Vick has denied all allegations.

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