Truth & Rumors > NFL

Freeney was scammed out of $3M

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07:15 AM ET 12.06 | Chargers linebacker Dwight Freeney had another reason to leave Indianapolis, even if he didn't know it at the time. [Freeney] was defrauded out of $3 million from 2010 to 2011, when he was a member of the Indianapolis Colts. In October, Michael Stern, 53, the man who orchestrated that scam, was sentenced to five years in prison and ordered to pay nearly $2.6 million in restitution to Freeney, 33, the Internal Revenue Service said in a news release. The two met around February 2010, when Freeney's financial manager, Eva Weinberg, introduced Stern under the false name of Michael Millar. Weinberg left Merrill Lynch after she met Freeney and formed her own company, in which Freeney was her only client and she managed his bills and investments, court documents show.

U-T San Diego

Dwight Freeney, Icon Sports Dwight Freeney, Icon Sports
December 6, 2013  07:17 AM ET

The love of money is the root of all evil........

Comment #2 has been removed
December 6, 2013  07:55 AM ET

So was this Eva Weinberg part of the scam, or was she just stupid, too?

December 6, 2013  08:07 AM ET

He hired someone to manage his money and she was either part of a scheme that ripped him off or introduced him to someone who fooled her and then ripped him off while she was responsible for his money. That is unfortunate, but that could happen in any city and it has nothing to do with the Colts.

December 6, 2013  08:33 AM ET
QUOTE(#3):

So was this Eva Weinberg part of the scam, or was she just stupid, too?

You would think her portfolio would have scared Dwight away.

December 6, 2013  08:39 AM ET

From the sounds of things Freeny got $2.60 Million back out the $3.0 million. Heck thats a couple games salary that he got scammed out of. Chances are that he'll have spent all his earned income within 10 years after retiring.

December 6, 2013  08:41 AM ET

A fool and his money................

December 6, 2013  08:54 AM ET

If you look at his stats, maybe the Chargers should be complaining that he swindled money from them.

http://www.nfl.com/player/dwightfreeney/2505016/profile

December 6, 2013  08:56 AM ET
QUOTE(#6):

From the sounds of things Freeny got $2.60 Million back out the $3.0 million.

The total scam was probably $2.6 million, which they rounded up to $3 million for the headline so they could put the actual number in the article. The court would have ordered full restitution.

But, that's what the court told the guy to pay. How much will Freeny actually get? Anybody's guess.

I'd love to hear the judge say, "We will lock you up in a room with Mr. Freeny until he gets his money."

December 6, 2013  08:57 AM ET

~Oprah-Winfrey~ once said...........''$ign/read every check YU pay''..!

December 6, 2013  08:57 AM ET

I don't pity the fool one bit.

December 6, 2013  09:31 AM ET

He'll be fortunate to see that $2.6M.

December 6, 2013  09:47 AM ET
QUOTE(#12):

He'll be fortunate to see that $2.6M.

There ya go. Just because some court orders it does not mean it happens. That money is gone. He can get a lien against future earnings to a certain percentage, but if he even gets $500 a month back it would be surprising.

December 6, 2013  10:07 AM ET

"You can't cheat an honest man": W.C.Fields

December 6, 2013  10:24 AM ET
QUOTE(#14):

"You can't cheat an honest man": W.C.Fields

Hey, thanks for stopping by.

Comment #16 has been removed
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Comment #18 has been removed
December 6, 2013  12:51 PM ET

3 mil is chicken feed.

Cano just scammed the Mariners out of 240 million.

 
December 6, 2013  01:00 PM ET
QUOTE(#18):

I've taken several years of readings and studying finances and investing just to make sure I don't have to rely on some investment manager.These guys have to be smarter about who is handling their money.

It is not easy to find a good professional money manager. They do need one; it is essential, even before they sign any contract, so they can plan and manage their income and their investments. It does take years to grow a knowledge base about investing and to learn about risks and volatility and investment capital, etc. This is time these athletes do not have and they must find someone they can trust. Not easy to do. There are many Bernie Madoffs out there.

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