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Old 07-12-2012, 04:50 PM   #1
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Default Larry Foote says hes a victim of six-figure fraud

Foote says hes a victim of six-figure fraud

Posted by Mike Florio on July 12, 2012



Larry Foote has spent 11 seasons in the NFL. He may need to stick around a few more years.

According to the Associated Press, the Steelers linebacker claims that he was tricked into investing more than $400,000 in a Michigan valet service.

In a lawsuit filed Thursday, Foote says that he was approached in 2010 by one of two persons who claimed that money was needed to fund major valet contracts.

Foote is due to earn a base salary of $3 million in 2012.

http://profootballtalk.nbcsports.com...-figure-fraud/
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Old 07-12-2012, 06:18 PM   #2
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Default Re: Larry Foote says hes a victim of six-figure fraud

Folks are going to jump all over the "NFL players are morons" sentiment in a second, but you have to keep in mind-- these players have millions of dollars. You don't just keep that tucked under your matress or put it in a safe-deposit box, you invest it.

There are more scams and tricksters out there tan you can shake a finger at. There is a reason why all of the lottery winners from the last decade are all broke.
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Old 07-12-2012, 07:37 PM   #3
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Default Re: Larry Foote says hes a victim of six-figure fraud

400k to invest in a valet service?

Equipment needed:

Uniforms
Signs
Umbrellas
Key box.

For 400k
Thats a lot ot
Uniforms
Signs
Umbrellas
Key box.

I just hired a professional Valte service for a graduation party. 420.00 for 3 guys for 9 hours. So investing 400k seems quite stupid to me to think the risk versus reward was a good one.

$400,000 tax write off, he loses about 225k.
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Old 07-12-2012, 08:31 PM   #4
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Default Re: Larry Foote says hes a victim of six-figure fraud

Quote:
Originally Posted by Curtain_of_Steel View Post
400k to invest in a valet service?

Equipment needed:

Uniforms
Signs
Umbrellas
Key box.

For 400k
Thats a lot ot
Uniforms
Signs
Umbrellas
Key box.

I just hired a professional Valte service for a graduation party. 420.00 for 3 guys for 9 hours. So investing 400k seems quite stupid to me to think the risk versus reward was a good one.

$400,000 tax write off, he loses about 225k.
You may want to add Payroll, unemployment taxes, workmans comp insurance, payroll taxes state and federal to that list.
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Old 07-12-2012, 08:56 PM   #5
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Default Re: Larry Foote says hes a victim of six-figure fraud

Really?

Those fee's are "incurred" upon work being booked and completed. Last I check you do not prepay workers before the function is paid for. Valet would be 50% up front pay from the function and balance paid the day of.
So providing the fee's for each function covered the expenses to pay the workers, there should not be an issue.

Now they certainly could have contracts with restuarants etc, where as they may be paid weekly, bi weekly or monthly. But the first 2 options would not be effected, the monthly would where they may need cash. But its still parties booked and or resturant contracts, its a rather simple business model per say.

Apparently it was a pure scam and Larry made a bad deal without thinking and looking at the bigger risk vs reward plan.
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Old 07-12-2012, 11:31 PM   #6
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Default Re: Larry Foote says hes a victim of six-figure fraud





So you don't pay your employees for being on the job for 8 hours a day? Only when and if they park a car?

If it was a legit business might want to add some kind of liability insurance to the list also, you know just in case an employee incurred wrecking the car while parking.

The only way to get around of some of that is to have zero employees and run the thing by yourself. With $400 G investment I highly doubt it was a one man show.
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Last edited by MACH1; 07-12-2012 at 11:52 PM.
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Old 07-13-2012, 08:07 AM   #7
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Default Re: Larry Foote says hes a victim of six-figure fraud

I thought he was smarter than that!!!! Numb-nuts!
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Old 07-13-2012, 08:44 AM   #8
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Default Re: Larry Foote says hes a victim of six-figure fraud

Drop in the bucket compared to Curt Schilling. Some of these guys should just invest in bonds.

http://www.boston.com/businessupdate...eaK/story.html
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Old 07-13-2012, 01:24 PM   #9
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Default Re: Larry Foote says hes a victim of six-figure fraud

hello i am nigerian prince!
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Old 07-13-2012, 01:29 PM   #10
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Default Re: Larry Foote says hes a victim of six-figure fraud

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hello i am nigerian prince!
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