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    • (Getty Images)Miami Dolphins defensive end Jared Odrick filed a lawsuit against financial firm Success Trade and prominent financial adviser Jinesh “Hodge” Brahmbhatt of Jade Management for their role in placing players in allegedly fraudulent investments.

      Law firm Sonn & Erez PLC announced the suit Friday.

      Yahoo! Sports reported Wednesday that multiple federal agencies including the FBI, the U.S. Securities and Exchange Commission and the Department of Justice were probing Success Trade investments. The Financial Industry Regulatory Authority (FINRA) has red-flagged Success Trade for selling $18 million in fraudulent and unregistered promissory notes to 58 investors, 30 of whom were professional athletes.

      Brahmbhatt previously told Yahoo! Sports that Jade Management had more than 30 of their clients involved with allegedly fraudulent Success Trade investments. Odrick was among those players.

      “We intend to aggressively prosecute this case and hold everyone who participated in this alleged Ponzi

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    • Browns cornerback Joe Haden is among several athletes to buy promissory notes from Success Trade. (Getty)

      On the heels of regulators red-flagging a potential $18 million scam last week, multiple federal agencies are probing investments sold to NFL and NBA players, Yahoo! Sports has learned.

      According to multiple sources that spoke to Yahoo! Sports on the condition of anonymity, several professional athletes have either been contacted or been urged to contact investigators from the U.S. Department of Justice, the FBI and the U.S. Securities and Exchange Commission.

      Three sources also told Yahoo! Sports that the NFL Players Association has asked a handful of its athletes with investments tied to Jade Management to contact FBI investigators. Jade previously managed finances for dozens of professional athletes, and had investment ties to Success Trade – a firm that came under fire from the Financial Industry Regulatory Authority (FINRA) last week. Success Trade was ordered to halt fundraising last week after allegedly selling $18 million in fraudulent and unregistered promissory notes to 58

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    • Getty ImagesFinancial regulators overseen by the U.S. government have ordered an investment firm with prominent NFL and NBA clients to halt fundraising after allegedly selling $18 million in fraudulent and unregistered promissory notes.

      The Financial Industry Regulatory Authority (FINRA) has accused Success Trade Securities and its owner, Fuad Ahmed, of lying about key facts surrounding investments secured by 58 clients. FINRA did not release the names of the athletes ensnared in the scam, however, an 18-month investigation by Yahoo! Sports determined that a large portion of those involved were players represented by Jade Private Wealth Management.

      While Jade’s client list has fluctuated, the investment firm boasted more than 70 NFL players at one point, including among others, Cleveland Browns cornerback Joe Haden, New York Giants wideout Victor Cruz, San Francisco 49ers tight end Vernon Davis, as well as former stars such as running back Clinton Portis and defensive end Adewale Ogunleye.

      FINRA

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    • (Getty Images)

      One year ago, Everette Scott was under federal indictment for fraud. Months after that indictment, the NFL Players Association certified him to continue his career as an NFL agent. Now he has been convicted and is scheduled for sentencing in September, and the NFLPA is declining to comment on it.

      Scott and a co-defendant were convicted early last week of defrauding investors of more than $5 million, according to the U.S. Department of Justice. Scott was found guilty on one count of securities fraud and two counts of wire fraud, after he and his his co-defendant Tryone Gilliam solicited and misappropriated investor funds that Gilliam used to buy luxury cars, jewelry, and other items. Prosecutors also said Scott and Gilliam produced falsified bank records and made false statements to investors in an attempt to conceal the fraud.

      Despite the charges against Scott, the NFLPA decided he was fit to remain an agent, re-approving him for business after the lockout and decertification of the

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    • DeMaurice Smith (Getty Images)

      By Rand Getlin and Jason Cole

      NFL Players Association executive director DeMaurice Smith referred long-time former colleagues to defend Drew Rosenhaus during an NFLPA arbitration, Yahoo! Sports has learned.

      That action has ruffled the feathers of multiple prominent agents who spoke to Yahoo! Sports on the condition of anonymity, expressing frustration at what they termed a significant conflict of interest. The agents have alleged that Smith’s referral – essentially aiding Rosenhaus in defending himself before an NFLPA arbitrator – is a clear example of Smith protecting an agent rather than impartially governing.

      “It’s a major conflict of interest for the executive director of the NFLPA to be referring attorneys to Rosenhaus,” one agent said.

      The paramount issue at hand is that the NFLPA may eventually have to sanction Rosenhaus in his case, which involves a dispute between the well-known agent and former employee Danny Martoe. Martoe was a longtime employee of Rosenhaus Sports

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