geerussell
07-23-2009, 06:28 AM
http://www.freep.com/article/20090722/NEWS05/90722108/Ex-Wing-Fedorov--Adviser-swiped--43M
Now he says he is the victim, swindled out of $43 million by a Grosse Pointe Shores man entrusted to manage his money.
In a lawsuit expected to be filed today in Wayne County Circuit Court, Fedorov accuses Joseph Zada of embezzling the money during the past 11 years. Describing Fedorov as “a Russian-born individual who has limited knowledge of and experience in investment, legal and financial matters,” the lawsuit says Zada “by deceit and fraud worked his way into the confidence of Fedorov.”
Based on that early success, Fedorov entrusted Zada with additional loot earned over the course of his stellar NHL career. In all, the Russian-born hockey superstar gave Zada more than $43 million, according to a lawsuit Beginin said he was filing this morning. An advance copy of the suit was provided to the Free Press.
The trust between the men was so strong that Fedorov never received any paperwork documenting his investment's performance.
“Whenever Fedorov inquired about the entrusted assets, Zada, acting in concert with others, intentionally lied to Fedorov, provided Fedorov with false information and engaged in other fraud and deceptions,” the suit says, adding that when Fedorov asked for his money, Zada did not return it.
I know that his commie upbringing didn't prepare Sergei Clampett for the perils of capitalism but... wow. Just wow.
Now he says he is the victim, swindled out of $43 million by a Grosse Pointe Shores man entrusted to manage his money.
In a lawsuit expected to be filed today in Wayne County Circuit Court, Fedorov accuses Joseph Zada of embezzling the money during the past 11 years. Describing Fedorov as “a Russian-born individual who has limited knowledge of and experience in investment, legal and financial matters,” the lawsuit says Zada “by deceit and fraud worked his way into the confidence of Fedorov.”
Based on that early success, Fedorov entrusted Zada with additional loot earned over the course of his stellar NHL career. In all, the Russian-born hockey superstar gave Zada more than $43 million, according to a lawsuit Beginin said he was filing this morning. An advance copy of the suit was provided to the Free Press.
The trust between the men was so strong that Fedorov never received any paperwork documenting his investment's performance.
“Whenever Fedorov inquired about the entrusted assets, Zada, acting in concert with others, intentionally lied to Fedorov, provided Fedorov with false information and engaged in other fraud and deceptions,” the suit says, adding that when Fedorov asked for his money, Zada did not return it.
I know that his commie upbringing didn't prepare Sergei Clampett for the perils of capitalism but... wow. Just wow.