SEC Charges Former Football Player For Running $10 Million Fraud
Posted: Wed Aug 10, 2016 7:21 am
The Securities and Exchange Commission (SEC) has charged Merrill Robertson Jr., a former Philadelphia Eagles player, together with Sherman C. Vaughn Jr. and the company they co-owned, Cavalier Union Investments, with defrauding investors.
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According to the SEC, the defendants promised to invest in diversified holdings but diverted nearly $6 million from the more than $10 million they raised from investors to pay for personal expenses and used other funds to repay earlier investors.
Background
Robertson and Vaughn are alleged to have lied about the unregistered debt securities they ... (read more)