Former Eagles kicker David Akers, who recently signed with the 49ers, has made a lot of money over his career. But he has lost a lot of it, too.
Akers told a federal jury on Monday that he was swindled out of $3.7 million in a Ponzi scheme from 2007 through 2009, according to Steven Kreytak of Statesman.com, via ThePostGame.com.
The term “Ponzi scheme” refers to an investment scam in which the money from later investors is paid to early investors, ultimately resulting in a group of last-in victims getting nothing back at all.
Akers placed the money with Triton Financial, which was run by Kurt Barton.
“I’ve had a lot of sleepless nights,” Akers said in court. “As I said, this is my family’s future. I said that to Kurt a lot of times. I said, ‘Man I’m trusting in you.'”
Also ensnared in the alleged scam were Panthers safety Sean Considine. Considine and Akers were introduced to Barton by former NFL quarterbacking brothers Koy and Ty Detmer. The 1990 Heisman Trophy winner, Ty Detmer lost more than $2 million.
Barton’s lawyers claim that the company simply made a series of bad business decisions, and that no laws were broken. Barton opted not to testify; closing arguments are set for Wednesday.