August 10, 2016

August 10, 2016 – The SEC charged former Philadelphia Eagle Merrill Robertson, Jr., his partner Sherman C. Vaughn Jr., and their company Cavalier Union Investments LLC, with defrauding investors by misleading them about their experience and the security of their investments and by diverting investor funds to personal use.  According to the SEC’s complaint, the defendants promised to invest in diversified holdings but instead diverted nearly $6 million of the $10 million raised to pay for personal expenses and repay earlier investors.  Allegedly the scheme targeted seniors and coaches, donors, alumni, and employees of schools where Robertson had attended and played football.  SEC

Tagged in: Misrepresentations, Securities Fraud,