Former NFL players thought they were suing over brain injuries — they lost their savings instead
A financial advisory firmby the Securities and Exchange Commission with defrauding former professional football players.
Former principals of Cambridge Capital Group Advisors, Philip Timothy Howard and Don Warner Reinhard, allegedly took more than $4 million from around 20 retired NFL players to invest in private hedge funds managed by the Tallahassee, Florida-based firm from October 2015 to March 2017. More than 20% of the players' funds were allegedly misused by the partners, the SEC said Thursday. Howard allegedly used some of the funds to cover the cost of his personal residential mortgages.
The former players first landed in the offices of Howard and Reinhard in the hopes of joining the class-action lawsuit against the National Football League over concussion-related brain injuries. Some of the menMore from Personal Finance:
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