A federal court in Richmond, Va., has found former Philadelphia Eagles' linebacker Merrill Robertson Jr. guilty for a second time of defrauding his former coaches and other investors out of about $6 million.
Mr. Robertson was convicted on fraud charges for the first time in August 2017 and was sentenced to 40 years in prison in December 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 Jan. 3.
[Recommended video: Personalization and custom communications are key to the evolving client experience]
Mr. Robertson, who was neither a registered representative nor a registered investment adviser, raised more than $10 million from investors along with Sherman C. Vaughn Jr., who previously pleaded guilty in the criminal case against the two men.
The company they owned, Cavalier Union Investments, promised to invest the money in diversified holdings. Instead, the two spent nearly $6 million of the money on personal expenses such as cars, family vacations, repayment of mortgage and credit-card debt, luxury goods, clothing, entertainment, educational expenses for family members, and a luxury suite at a football stadium.
Register today for our Future of Financial Advice event on Nov. 20.