Former Professional Football Player Charged for Running $10 Million Fraud
Washington D.C., Aug. 10, 2016 — The Securities and Exchange Commission allegedly charged Merrill Robertson Jr., a former player for the Philadelphia Eagles, with defrauding investors, including coaches he knew from his time playing football for the Fork Union Military Academy and the University of Virginia.
The SEC’s complaint, filed in federal court in Richmond, Virginia, charged Robertson, Sherman C. Vaughn Jr., and the company they co-owned, Cavalier Union Investments LLC. According to the complaint, nearly $6 million of the more than $10 million funds raised from investors was diverted to pay for personal expenses and were used to repay earlier investors.
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