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Monday, December 15, 2014

Jorge Posada and Jose Contreras Say They’re Caught up in a Multimillion Dollar Scam | VICE Sports

Oh dear.

Over the course of several years, first when Collar and Fernandez were at Merrill Lynch, and then when they opened their own firm, Quantum Family Office Group, in 2005, Posada gave the two money men absolute control over his finances.

Jim Furtado Posted: December 15, 2014 at 11:45 AM | 53 comment(s)
  Beats: jose contreras, jose posada, yankees

Jorge Posada and Jose Contreras say they’re caught up in a multi-million dollar scam

Posada and his wife Laura are suing Collar and Fernandez and their Quantum Ventures, LLC over what they believe was a blatant and negligent mismanagement of funds that resulted in nearly $11.2 million in losses for the former catcher, according to a complaint filed in Miami-Dade county that was obtained by VICE Sports.

Posada is not the only player claiming to have been duped by Collar and Fernandez. In a separate lawsuit, former Yankees, Chicago White Sox, and Philadelphia Phillies pitcher Jose Contreras has made a similar claim of fraud. In total, Contreras’s attorneys claim the pitcher lost nearly $2.4 million through Quantum’s investments, according to a complaint also filed in a Miami-Dade county court, which was obtained by VICE Sports. (Curiously, Contreras’s complaint says he is 40 years old, even though his baseball bio has always listed him as having been born on December 6, 1971—a difference of three years.)....

Both players claim they were unaware of any alleged wrongdoings and say that they never authorized the type of risky investments made by Collar and Fernandez. In both situations, Collar and Fernandez received all of the player’s mail, filed their tax returns, wrote checks for them, and were given the authority to make whatever investments they wanted with Posada and Contreras’s money.

RoyalsRetro (AG#1F) Posted: December 15, 2014 at 09:22 AM | 3 comment(s)
  Beats: athletes, jorge posada, jose contreras, scam, yankees

 

 

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