Former NFL running back Ricky Williams is suing his financial adviser after he says she impersonated his wife to the IRS, lied about being a graduate of Harvard Business School and lost $6 million of his hard-earned money.
Williams filed the suit against Peggy Fulford and King Management Group and Associates in Federal Court and he is seeking a restraining order and injunction, and damages for theft, breach of contract, and breach of fiduciary duty.
The Williams’ claim Fulford has had control of "the vast majority" of their money since 2007, about $11 million. The suit alleges that Fulford and King Management only provided "sporadic and potentially falsified statements" about the Williams’ finances.
"In 2007, Mr. Williams entered into an oral agreement to have Ms. Fulford and King Management manage plaintiffs' assets," the lawsuit states. "Prior to, and consistently throughout the course of managing plaintiffs' assets, Ms. Fulford represented herself to be a graduate of Harvard Law School, licensed to practice law in the State of Texas, and a graduate Harvard Business School. Upon information and belief, there is no record of Ms. Fulford attending Harvard University in either graduate program, nor is there any record of Ms. Fulford's admission to the State Bar of Texas."
Williams realized that Fulford had drained his account of $6 million when the IRS contacted him in August 2012 asking for information about his 2010 tax return.
The suit says Fulford then contacted the IRS for him the next month and "fraudulently represented herself to be Mr. Williams's wife."
Williams ended up with an IRS penalty of $350,000 for the year and the suit alleges that the only asset Fulford has left her clients with is a $1.9 million investment in a private equity fund that they cannot draw on until 2017.