Scott Marks 3:04 p.m., June 18
Suits Pile Up Against Local Sports Financial Adviser
Sports and financial media are increasingly reporting multiple lawsuits against San Diego sports financial adviser, William C. (Billy) Crafton. The suits note that Crafton put his clients' money in Westmoore Management, which the Securities and Exchange Commission last year identified as "an undisclosed Ponzi-like fraudulent scheme." In early August, National Football League players Brent Celek, Kevin Curtis, A.J. Feeley and star soccer player Heather Mitts, Feeley's wife, filed suit in Philadelphia, charging they had lost collectively $7.6 million. Crafton told Taurus Sports Associates that he could not comment on advice of counsel.
In June, former NFL player Brad Kassell filed a suit in Texas, claiming a loss of $700,000, according to Taurus. Former player Patrick Surtain and current players Matt McCoy and Freddy Keiaho filed separate suits in San Diego in June, claiming losses of $5 million.
According to Bloomberg Businessweek, the Philadelphia suit claims Crafton had "inside information about the liquidity and security of the Westmoore fund" and was a friend of the person who ran it. In April the National Football League Players Association sent out an alert to members warning of Crafton and Westmoore, according to Sports Business Daily.