If you believe a former financial adviser of Vince Young, the signs were there for the former star quarterback's money troubles, as he apparently borrowed $300,000 just to throw a party.
The Associated Press reports:
The former financial adviser for ex-NFL quarterback Vince Young said under oath that he arranged a high-interest, seven-figure loan for Young during the 2011 lockout because the player wanted to throw himself a $300,000 birthday party even though he was running low on funds.
Well, that doesn't seem like an intelligent thing to do, especially during the uncertainty that was the 2011 lockout.
As we all know, NFL players will be NFL players, and many feel the waterfall of money is never-ending and financial woes are but fanciful tales. According to Young's camp, the former financial adviser, Ronnie Peoples, is not entirely accurate with his account.
Peoples, who is president and CEO of Peoples Financial Service Inc. in Raleigh, N.C., made the statement in a videotaped deposition in January, when he also offered, "I think we still would have been OK to go ahead and survive until the next season, but he had a birthday event coming up that he paid 300 and some thousand dollars for. That's what prompted that call."
Young's attorney, Trey Dolezal, completely dismissed what he considers to be an outlandish claim, stating, "I have no idea what he's talking about with the birthday party and neither does Vince."
Good enough for me. How about you? Didn't think so.
Young is currently "challenging a $1.7 million judgment obtained against him in New York last July by Pro Player" (the balance of a $1.9 million loan taken out in May of 2011 at 20 percent interest).
Reportedly, more than a dozen players were loaned money by Pro Player during the lengthy lockout. Young contends that he ''probably'' signed for a loan, but that he never needed nor sought one out.
If you take VY's side, he was duped into a high-interest loan and never really knew the state of his finances. Young's agent Dolezal continued, "He does believe he may have signed three pieces of paper that were notarized, but he was told they were banking instruments, that they needed his signature for some banking documents.
According to Peoples, Young's monthly expenses sometimes ran as high as $200,000.
The truth might be somewhere in the middle, with the only certainty being that this story needs to serve as a cautionary tale to young athletes everywhere. Make sure you know exactly what you are signing at all times, and make sure you know where your money is going.
And seriously, try to keep your birthday parties to under a couple thousand dollars. Maybe take the crew out to a Chuck E. Cheese's.
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