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Jared Odrick sues investment adviser in alleged fraud

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The Financial Industry Regulatory Agency recently accused a company called Success Trade of allegedly selling $18 million in fraudulent and unregistered promissory notes to 58 clients, with Yahoo! Sports uncovering that a large portion of investors affected were professional athletes.

Dolphins defensive lineman Jared Odrick is one of those players.  He has filed suit through FINRA in hopes of recovering some of his losses. Adam Beasley of the Miami Herald spoke to Odrick’s lawyers, who said that Odrick’s losses were “substantial” after he invested money with Success Trade. Odrick has also filed suit against Jinesh “Hodge” Brahmbhatt of Jade Management, a financial adviser who helped set up several athlete clients with Success Trade.

It’s a sadly common story that athletes wind up making investments with people more interested in ripping them off than managing their money, but there’s a little twist to this story. Brahmbhatt is on the NFLPA’s list of registered advisers and Odrick’s lawyers say that their client consulted that list before deciding to go ahead with the investment.

“They cleared this guy,” said Jeffrey Erez, who is representing Odrick in the suit along with other attorneys. “That’s what the horrible part is. Jared’s a good kid. He did exactly what he was supposed to do.”

Brahmbhatt has no record of illegal activity with FINRA, but Success Trade has been previously cited by the agency for violations of the securities regulations. According to Yahoo! Sports, Browns cornerback Joe Haden, 49ers tight end Vernon Davis and former Redskins running back Clinton Portis have also been clients of Jade Management and purchased promissory notes from Success Trade, which also faces investigations from other government agencies into these allegations.
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9 Responses to “Jared Odrick sues investment adviser in alleged fraud”
  1. ravennole says: Apr 21, 2013 11:31 AM

    athletes need to just go to a reputable company and buy normal investments. If the market goes down you lose money but once it recovers you are fine. Instead, they invest in sketchy investments and get burned.

  2. CKL says: Apr 21, 2013 11:34 AM

    NFLPA approved the guy? Cue De Smith tilting at windmills on Monday to distract people.
    There’s a website I used to figure out if the CFP I was interviewing had any judgments against him and was in fact a certified CFP. Sad that players could check things out better with just a little googling on their own. What does the NFLPA do with the dues they collect? Anything? Bueller???

  3. conseannery says: Apr 21, 2013 11:54 AM

    Invest in index funds that give you diversification across asset classes (stocks and bonds) as well as some international exposure. Let sit for 30 years. Thank me when you’re 55, Jared.

  4. mazblast says: Apr 21, 2013 12:10 PM

    One thing I tell all my tax clients–Diversify. Diversify across industries, diversify among investments, diversify among advisors.

    They don’t listen. Fortunately, most of them fail to diversify and wind up on the conservative side, playing it too safely.

    I’m not surprised when athletes, who tend to be meatheads about money, don’t listen.

  5. thestrategyexpert says: Apr 21, 2013 1:40 PM

    I really did like the concept of Deferred Compensation that PFT reported on earlier that the NFL was thinking about for down the road. But it has to be set up appropriately and fairly so that it makes sense to benefit the players. I think there are strong opportunities to put together a really solid plan.

    It’s like a 401k plan for rich people and it would suit the NFL constituency quite well and I think this system should already exist in addition to other efforts by the NFL to do a better job in evaluating who they do business with. They seem to choose a lot of questionable and shady partners, not to mention some horribly incompetent ones, and it’s a major problem in my eyes.

  6. dutchman1350 says: Apr 21, 2013 3:51 PM

    A deferred comp plan is 100% better than annuities. These guys need income from retirement until Bert Bell pension starts.

    These players need to learn abut investing their money in SEC regulated custodians, not some hedge fund type investment, that send you mysterious statements.

    The problem is, proper investing is very boring.

  7. fdugrad says: Apr 21, 2013 4:32 PM

    I will never understand why pro athletes seem to NEVER invest in conservative funds that are diversified and sold by solid firms with LONG successful track records. The magic of steady, compound interest would work quite nicely for the ungodly large sums they are capable of putting aside. There is no need at all for risky, wild adventures into investments in THE fund of the moment or the latest, ridiculous pipe dream of the latest ” Harold Hill ” who blows into town.

  8. thestrategyexpert says: Apr 21, 2013 7:29 PM

    Yeah annuity illustrations suck at showing the same level of bling upside as other alternatives. But the DC plan can offer some excitement!

    Plus it would be genius if one could get it designed and implemented well. If Roger can pull that off I would be fairly impressed.

  9. sooner712 says: Apr 21, 2013 9:49 PM

    For all the investment gurus on this page, so what happened to the employees of Enron and PG&E that had conservative 401Ks and mutual funds that were stolen by executives. If someone going to steal from or rob you it doesn’t matter how you invest it.

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