According to reports, several professional athletes are suing their former financial advisor, William Crafton, Jr., as well as various firms and banks that employed him.
The lawsuit alleges that Crafton enlisted over 20 athletes in his investment scheme, which he advertised as conservative and low risk, since most athletes only have a few years of high-earning potential and might have no way to replace their principal if it is lost in the market. Then, the suit claims, Crafton went ahead and poured money into risky ventures, including the Ponzi scheme Westmoore Capital, ultimately losing millions.
The lawsuit also names Suntrust Bank, Martin Kelly Capital Management and CSI Capital Management for negligent hiring of Crafton and improper supervision.
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