Former Philadelphia Eagles' Linebacker Found Guilty for Fraud Once Again
From the Desk of Jim Eccleston at Eccleston Law LLC:
A federal judge has found former Philadelphia Eagles' linebacker guilty for a second time of defrauding his former coaches and other investors.
According to a recent InvestmentNews article, Merrill Robertson Jr. and Sherman C. Vaughn Jr. owned Cavalier Union Investments and raised more than $10 million from investors. They promised to invest the money in diversified holdings. Instead, the two spent nearly $6 million on personal expenses such as cars, family vacations, repayment of the mortgage and credit-card debt, luxury goods, clothing, entertainment, educational expenses for family members, and a luxury suite at a football stadium.
According to a BrokerCheck, Robertson was neither a registered representative nor a registered investment adviser. Robertson was convicted on fraud charges for the first time in August 2017 and was sentenced to 40 years in prison in 2017. Earlier this year, a federal appeals court vacated that conviction and remanded the case to the district court. He will be sentenced for a second time on January 3. Vaughn previously pleaded guilty in the criminal case against the two men.
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