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SEC Sues Prominent Sports Agency for Defrauding Pro-Athletes
The SEC has filed charges against sports agent William "Tank" Black, James Franklin Jr., Professional Management, Inc. and an affiliate, Silverline Development Corp.
The agency represents several well-known athletes, including the NFL's Fred Taylor, Duce Staley and Terry Allen, as well as budding NBA superstar Vince Carter.
The SEC alleges that Black and Franklin ran 3 schemes that defrauded about two dozen of their clients and which reaped Black and Franklin about $5 million in profit. Two of the schemes involved misappropriation of client assets. The other scheme was a true "Ponzi Scheme", the SEC alleges, in which early investors in a purported program to fund a car title loan business were paid "profits" from the investments made by the later investors.
Defendants have denied all of the allegations. The SEC has frozen defendants' assets and is seeking repayment of the profits as well as civil penalties.
Source: Wall Street Journal, February 28, 2000
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