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Vince Young disputes claim of lockout loan

Vince Young AP

Quarterback Vince Young has 1.7 million additional reasons to win a roster spot with the Bills, given that Young has been sued for allegedly defaulting on a seven-figure lockout loan.  But Young blames the lawsuit on someone he already has sued.

Via the Associated Press, Young’s lawyer claims that Pro Player Funding worked directly with Young’s former financial adviser, Ronnie T. Peoples, in connection with a loan that was issued in May 2011.

Young sued Peoples and agent Major Adams in June 2012.

“We believe that Ron Peoples was involved in this loan, contacted Pro Player, was the go-between between Pro Player to get this loan, and Vince never even know this loan was taking place,” attorney Trey Dolezal said.

Dolezal also raised the specter of forgery.  “There are some problems with that signature, whether or not, No. 1, it’s Vince’s signature and, No. 2, whether or not that signature was supposed to be attached to this document,” Dolezal said.

It’s a risky either-or proposition for Dolezal, one of the byproducts of overlawyering a case.  Either it’s not Young’s signature or it’s an unnecessary signature from Young.  Claiming both creates the impression that Young is grasping for anything that could help him avoid the obligation.

Dolezal also says that representatives from Pro Player Funding attempted to approach Young at training camp.

“They’re harassing him while he’s trying to make the football team,” Dolezal said.

Actually, they should be “harassing” Tyler Thigpen.  If Young makes the team in Buffalo, Pro Player Funding is more likely to get paid.

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10 Responses to “Vince Young disputes claim of lockout loan”
  1. nyyjetsknicks says: Aug 18, 2012 6:10 PM

    If someone has the authorization to take out a $1.7 million loan without you knowing, you’ve made a huge mistake.

  2. edavidberg says: Aug 18, 2012 6:40 PM

    If Vince Young never obtained this loan, how is he supposed to know whether the signature is a forgery or if it was taken from another document?

  3. fdugrad says: Aug 18, 2012 6:49 PM

    Why in the world would a man who such a short time ago, was paid a kingly bonus for being a first round selection have even been CONTEMPLATING a loan? That “financial advisor” must be a doozy! Is HE the one who maneuvered VY into a position that he would need a loan from an outfit that charged those kinds of interest rates? Was his credit rating so precarious that Vince could not go to a bank or credit union? Again, what happened to his fortune? Why do these athletes pay such little attention to their finances?

  4. RUAHORNH8R says: Aug 18, 2012 7:43 PM

    Actually, this all to common. Financial advisors have a lot of power. Especially in a scenario where you are dealing with that amount of $$.
    It’s really sad, think of it in these terms……

    Gifted athlete skates through high school & college because of his ability to throw, catch, block , run or tackle……he is 20-21 years old…. He grew up with very little money. All of a
    Sudden , he has millions. He is expected to manage that amount of money on his own??? He is referred by a “friend” or “family” member to use the services of a “financial expert” with way to much authority over said athletes $$…..if the advisor is not ethical or experienced, said athlete is getting a lock-out loan, and is broke before they retire from the game!
    As a Loan Originator, I did a loan for a former football player of the early 90’s….. Obviously , they didn’t make the kind of money today’s athletes make, but he had $900,000 in retirement funds, $30,000 in liquid cash, and owed 1/2 of his $750,000 house…..
    NFL pension of $25,000 a month….. Not a lot of money , considering what we think they make.
    An average NFL athlete makes , say, $1.7mill a year for 4 years….
    That’s, $950,000 after taxes… x 4 years….. After a house, couple cars, and some Bling! If $$ isn’t invested with a legitimate planner, dude has no money left after year 10

  5. thomda13 says: Aug 18, 2012 7:47 PM

    @fdugrad Financial advisors only advise. They tell the players not to blow theironey but in the end, they can’t fix stupid.

  6. gogiantsfan says: Aug 18, 2012 8:40 PM

    of course, that said, VY is still stupid.

    Met the man/boy myself. It was shocking, even considering the athlete stereotype.

  7. krazytrane says: Aug 18, 2012 11:21 PM

    How about just stop spending so much and not taking out a huge, high interest, loan? It is sad that so many guys who make tens of millions live check to check and are bankrupt once those checks stop.

  8. granadafan says: Aug 18, 2012 11:33 PM

    It’s hard to feel too sorry for a guy like Vince Young. He is the stereotype of the big dumb jock. Getting a 6 on an intelligence test out of 40 is a gigantic warning sign that he’s not mentally capable of understanding something as complicated as finances, loan rates, investing, etc. It’s of no surprise he needs loans and is taken advantage of by shady advisors.

    Instead of picking up a book growing up, he just played ball.

  9. vyfan4ever says: Aug 22, 2012 7:32 PM

    to granadafan: You talk a lot of smack. So you met the MAN!! For how long. I have known the MAN since he was a sophmore in HS. I will stand up for him everyday. Unless you have all the facts, you shouldn’t speak. Unless you have to deal with that type of situation or that amount of $$, which I doubt seriously you do, then you have no room to talk. There is more to this story than the media prints, but of course, you were smart enough to know that. But then I guess if the media printed that the sky was yellow, you’d believe that too.
    gogiantsfan: Look in the mirror.

  10. vyfan4ever says: Aug 22, 2012 7:34 PM

    thomda13: Most financial advisors tell the players not to blow their money and most financial advisors give GOOD advise. Have you taken any advise from Ron Peoples? Have you checked him out? Maybe you should. Might be surprised what you find.

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