Vince Young, who signed a $26 million dollar guaranteed contract right out of college, is broke and claims his former agent and a financial planner allegedly stole his money.
A former star QB with the University of Texas and the Tennessee Titans, Young was cut by the Buffalo Bills in August and is currently out of football entirely.
The Houston Chronicle provides details of Young’s financial and legal woes:
“Young is suing his former agent, Major Adams, and a North Carolina financial planner, Ronnie Peoples, alleging that they misappropriated $5.5 million. In some instances, the pair forged his signature or impersonated him on the phone or in emails, according to the lawsuit, filed in Houston in June…”
“Young was the first client of a company, Next Level Sports and Entertainment Inc., formed by Adams, a Houston criminal defense attorney, and the quarterback’s uncle, Keith Young, a former middle school teacher.”
Pro Player Funding, LLC, has obtained a judgment against Young for allegedly defaulting on a $1.7 million loan, but Young claims the money went to Adams and Peoples.
Peoples, in turn, is suing Vince Young “for allowing his uncle to serve as his business manager despite having no expertise in that field.”
As a starting quarterback, Vince Young won the national BC Championship with Texas and was drafted third overall by the Tennessee Titans in 2006. He played five years with the Titans and was a two-time Pro Bowler. He was released by the Titans in 2011 and signed on with the Philadelphia Eagles but was replaced as starting QB after week 3. He unsuccessfully tried to make the Bills as a backup for the 2012 season.
The Chronicle quotes University of Pennsylvania business professor Kenneth Shropshire as saying that Young’s situation is “pretty dramatic” and that “you’d think it would be hard to blow that much money.”