Posts Tagged: ‘NFL player’

Former NFL Running Back Clinton Portis Files for Bankruptcy

December 21, 2015 Posted by kingcade

Clinton Portis, former Washington Redskins and Denver Broncos running back, who made more than $40 million during his NFL career, has filed for bankruptcy.  With that amount, most of us would be set for life, but Portis is flat broke.  This shouldn’t come as a huge surprise, since studies have shown that a high percentage of NFL players declare bankruptcy after their game days are over.  A Sports Illustrated (SI) article from 2009 indicated that after two years of retirement, a whopping 78 percent of former NFL players went bankrupt or suffered financial stress due to joblessness or divorce.  Taken in total, almost 16 percent of the players studied declared bankruptcy during the first twelve years of retirement.

The federal bankruptcy filing showed Portis owes nearly $5 million to creditors, including $500,000 to his own mother. Portis, 34, also lists debts of $500,000 to Entertainment Tonight correspondent and former sideline reporter Nischelle Turner, $412,000 in “domestic support obligations” to four different women, and $175,000 in car loans, according to court records.

But Portis’ biggest debt is owed to a mortgage company.  The debt is listed as a “mortgage deficiency” of $1,023,020. Portis also owes the IRS $390,000, an amount he is disputing. The MGM Grand Hotel and Casino has also won a judgment of $287,178 against Portis.

Some of the running back’s failed business ventures attributed to his bankruptcy filing, which included sinking $8 million into a casino that went belly-up, and putting $2 million into a ‘wealth management’ firm that was later termed a Ponzi scheme.

Portis rushed more than 1,200 yards during his nine-season NFL career.  He finished with 9,923 rushing yards and 80 total touchdowns.  Portis’ final NFL game was with the Redskins in November 2010.  A hearing is scheduled for Portis’ bankruptcy case on February 4, 2016 at the U.S. Courthouse in Gainesville, FL.

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If you are in financial crisis and considering filing for bankruptcy, contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.

Related Resources: http://www.cbsnews.com/news/1-in-6-nfl-players-go-bankrupt/

Former NFL Player Receives Prison Sentence for Mortgage Fraud Scheme

January 26, 2015 Posted by kingcade

Former Tampa Bay Buccaneers player, Jeffrey Charles Leroy Taylor, was sentenced to three years in prison for his part in a $7 million loan modification scheme that affected thousands of homeowners. In addition to his prison term, Taylor was ordered to pay more than $350,000 in restitution to the victims of the fraud.

Taylor, who also played football for the University of Miami and lives in Fort Lauderdale, pled guilty to the charges in late 2014. The scheme was reportedly organized by the operator of FHA All Day.com, Jason Vitulano, Housing Assistance Law Center and Safety Financial Corp. The defendants allegedly defrauded more than 2,000 struggling homeowners out of millions of dollars through fraudulent loan modifications in 2008 and 2009.

Taylor reportedly acted as the team manager of four telemarketers who made thousands of phone calls to homeowners offering to reduce their mortgage payments or stop the foreclosure process for a fee paid to FHA All Day.com.

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Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified Miami foreclosure defense attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Miami foreclosure defense attorney Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.