Former NFL player Dwight Freeney is suing Bank of America (BAC) for $20 million, his attorney announced on Tuesday.
Freeney, who played for the Indianapolis Colts and San Diego Chargers, claims in a lawsuit that he and his company Roof Group were the victims of a fraud scheme “aided and abetted” by the bank.
“In 2010, Dwight Freeney authorized Bank of America to manage his assets, including his NFL salary,” said Jeffrey B. Isaacs, Freeney’s attorney, in a press release shared with ThinkAdvisor. “Two years later, Dwight had lost more than $20 million because of BofA’s fraud scheme.”
Freeney went “to one of the nation’s biggest banks and asked for its help managing his finances,” Issacs explained. “And what did BofA do? BofA treated Dwight like a mark in a con-game.”
BofA disputes this view. “Although we sympathize with Mr. Freeney as the victim of a crime, the bank had nothing to do with the criminal scheme,” said a spokesman in a statement. “The two people responsible for this wrongdoing have already been convicted.”
Former-Merrill Lynch associate Eva Weinburg and her business associate and husband Michael Stern were arrested in 2012 for fraudulently wiring $2.2 million from the NFL player’s account.
“The primary wrongdoer [Stern] never worked for the bank or any of its affiliates,” explained BofA, “and the other person committed her criminal conduct after she left Merrill Lynch in 2010.”