February 12, 2013

Vince Young might have taken out a loan for a $300K birthday party


In my lifetime, I've never spent a huge amount of money on a birthday party but it appears that current Buffalo Bills quarterback Vince Young once attempted to drop six figures on himself for his birthday back in 2011 and possibly asked for a loan to help throw it.

The news of the expensive six-figure party came to the forefront because of a lawsuit that Vince filed against his former financial adviser, Ronnie Peoples.

In the statement, Peoples stated that Vince had wild spending habits and that he told him that he needed the loan:
The former financial adviser for ex-Texas Longhorns and NFL quarterback Vince Young said under oath that he arranged a high-interest, seven-figure loan for Young during the 2011 lockout because the player wanted to throw himself a $300,000 birthday party even though he was running low on funds.

Ronnie Peoples, president and CEO of Peoples Financial Service Inc. in Raleigh, N.C., said during a videotaped deposition last month that he contacted New York-based Pro Player Funding LLC about the loan after being informed that Young had already paid for the party.

"I think we still would have been OK to go ahead and survive until the next season, but he had a birthday event coming up that he paid 300 and some thousand dollars for," Peoples testified. "That's what prompted that call."
Below is Vince's take on the matter where he claims that he never asked for a loan:
Young's attorney, Trey Dolezal, said Peoples' account contains numerous inaccuracies, including the statement regarding the birthday celebration.
"I have no idea what he's talking about with the birthday party and neither does Vince," Dolezal said.
Young is challenging a $1.7 million judgment obtained against him in New York last July by Pro Player. The sum represents the balance of $1.9 million borrowed at 20 percent interest in the former University of Texas star's name in May 2011. Young, who has been out of football since he was cut by the Buffalo Bills before last season, was one of more than a dozen NFL players who obtained loans from Pro Player during the lockout.
He testified during a deposition in December that he "probably" signed some of the loan documents in the presence of a notary at a law office in Houston. But he said he had no need for a loan, never sought one and didn't have access to the proceeds.
(Courtesy of Dallas Morning News)

By Ben Chew with No comments

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