May 26, 2017 - 10:02 AM
INDIANAPOLIS - Federal prosecutors say a money manager stole more than $4.5 million from an unnamed former NFL player who played several years for the Indianapolis Colts.
U.S. Attorney Josh Minkler said Friday that 63-year-old Kenneth Ray Cleveland of Agoura Hills, California, has been indicted on seven counts of wire fraud and three counts of money laundering in the investment fraud scheme.
Prosecutors say Cleveland was the football player's financial adviser for nearly a decade starting when the player entered the NFL after college. They say the player provided Cleveland with millions of dollars to invest. Prosecutors say Cleveland used $2 million to pay other clients in a Ponzi scheme, and spent another $2 million on personal expenses.
Cleveland's phone listing in California was disconnected and he couldn't be reached for comment.
News from © The Associated Press, 2017