T.O. sues attorney for bingo hall losses

Posted by Mike Florio on November 3, 2011, 11:08 PM EDT
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Earlier this year, Jason Cole of Yahoo! Sports reported that at least 25 NFL players faced potential discipline for acquiring interests in an electronic bingo operation that violates the league’s gambling policies.  One of those players was involuntarily retired (for now) receiver Terrell Owens.

According to CourthouseNews.com, Owens has now sued an attorney who allegedly encouraged him to invest $2 million “in an Alabama entertainment center that included a gaming hall with electronic bingo, which is an illegal gambling operation in Alabama, and a violation of NFL policy.”

The project apparently collapsed when the devices to be used were deemed to violate Alabama law.  Owens claims among other things that the lawyer failed to explain the risks.  He alleges negligence and breach of fiduciary duty.

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35 responses to “T.O. sues attorney for bingo hall losses”

  8. When I woke up today, I knew I was going to read a headline about T.O. suing about bingo losses.

    I think I have the shining.

  12. Seriously, these athletes are idiots. I made $100k last year for a high school teacher last year. She put her money in the right investments, NOT a friggin’ bingo hall. Morons.

  15. While we don’t have all the details, I’m actually with Owens on this one. Maybe it wasn’t the best investment idea, but the reality is as with most athletes they don’t have significant investment/financial knowledge and rely on personal such as advisers and lawyers to safely invest their earnings (just like most regular workers).

    If the story hold true and his lawyer pushed the deal, it seems pretty clear that the lawyer was negligible and probably violated their fiduciary duties to Owens. The question is did Owens do his best to minimize damages?

  16. Just one more reason nobody has picked him up yet

    I still think he can play but you have to know when to
    just shutup!!!

  17. Hahaha! They’re digging deep now! Anything to tarnish T.O’s reputation… cracks me up

  20. Choose one:
    A) A Fool and his money are soon parted.
    B) Two million in hand is worth more than four in a bush.
    C) Two million saved is two million earned.
    D)Ask no questions and hear no lies.

    It takes average Joe, assuming 50k/yr, forty yrs to EARN two million dollars. This butthead just tosses it at get rich quick schemes, on the advice of a lawyer (insert leopard can’t change his spots proverb), looses it, and then wants it back. I believe it’s called “due diligence.” You’re responsible to get the facts before you invest. The money he spends suing falls under “Throwing good money after bad.”

    Now, the NFL teams have an example of “due dilgence” for T.O. Not one of them has signed him!

  24. jvibottomline says:
    Nov 4, 2011 12:06 AM

    Just end it dude and stop failing at that too!

    ——————————————

    What kind of person is worse than the selfish, greedy, divisive T.O.?

    Well, I would have to say that someone who anonymously encourages others to follow through on previously failed suicide attempts would have to be near the top of the list!

  25. People are calling TO a fool. I guess they never trust people who are paid to advise them? Looks like TO might have a case here; hopefully he wins.

  29. We talking about bingo. We not talking about the game. we talking
    about bingo. Even Allen Iverson is not as dumb as this guy.

  30. I honestly feel a little sad for him…. you can see that he is in over his head on some this stuff, his playing career is likely over, and he’s obviously dealing with personal emotional issues (911 calls, etc).
    Don’t be shocked if bankruptcy is not far down the road. These lawyers/investors prey on people like this.

  33. The offering paperwork for these kinds of investments usually has the risk factors right at the top.

    If the promoters / underwriters did not include legal and regulatory risks, they are truly fools.

    The goal is to throw in everything. Risk factors are there as protection to the promoters and underwriters.

    If they did include this possibility, then TO and other investors received fair warning.

    Doesn’t seem like a lawyer should bear the blame here if TO failed to read up on the deal before he bought in.

  34. I swear I read that attorney’s name in a twin cities newspaper this morning as the expert gaming consultant being used by MN who’s advising them how to set up the gaming locations to be used to pay for the new stadium. Seems people in MN aren’t any smarter than T.O.

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