Peggy Fulford and King Management Group and Associates have been sued in Federal Court by former NFL running back Ricky Williams. Williams is seeking a restraining order and injunction against Fulford, his former financial advisor, and damages for theft, breach of contract, and breach of fiduciary duty. Williams alleges his financial advisor impersonated his wife to the IRS, lied about being a graduate of Harvard Business School and lost $6 million of his money.
According to Williams, Peggy Fulford had control of majority of their money since 2007, approximately $11 million. The lawsuit alleges that Peggy Fulford and King Management Group provided only "sporadic and potentially falsified statements."
The IRS contacted Williams in August of 2012 and asked him for information relating to his 2010 income tax return. It was then that Williams realized Peggy Fulford allegedly drained his account of $6 million.
The lawsuit states that Fulford then allegedly contacted the IRS and "fraudulently represented herself to be Mr. Williams's wife."
Williams now has an IRS penalty of $350,000 and according to the suit is left with only a $1.9 million investment in a private equity fund that cannot be drawn on until 2017.
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