LOS ANGELES, CA / ACCESSWIRE / November 26, 2024 / National investment fraud lawyers KlaymanToskes reports Tampa Bay Buccaneers quarterback Baker Mayfield has filed a $12 million lawsuit against his father’s investment firm, Camwood Capital Management Group, alleging misappropriation of funds and breach of a settlement agreement.
Attorney Lawrence Klayman, the managing partner of the firm, confirms, “Our firm has seen a rise in the number of professional athletes that fall victim to financial fraud. Individuals like Mayfield have become targets because of their high-net-worths and dedication to the game, leaving their assets to be managed by those they trust. Unfortunately, not all financial advisors act in the best interest of their customers.”
Mr. Klayman continues, “In the last year, we have been contacted by professional athletes and their families to help them recover investment losses caused by fraudulent investment schemes, unauthorized investments, and financial advisor misconduct.” Professional athletes are encouraged to contact KlaymanToskes at (888) 997-9956 for a free and confidential account review.
KlaymanToskes previously announced the filing of FINRA arbitration claim (no. 23-00709) on behalf of a former NFL player’s family member, who is seeking up to $1 million in recovery for investment losses caused by Morgan Stanley and barred broker Darryl M. Cohen. The filing comes after Cohen’s arrest in March 2023, for his role in a $13 million scheme to defraud professional athletes.
Baker Mayfield’s case is the latest example of financial advisor misconduct targeting professional athletes, a group often susceptible to fraudulent schemes and mismanagement due to their high net worth. According to Mayfield’s lawsuit, Camwood Capital and its subsidiaries failed to honor a settlement agreement to repay millions, refinance existing loans, and provide access to financial records. The funds, transferred without Mayfield’s authorization, were allegedly used for operating expenses and payroll obligations at Camwood subsidiaries, leaving Mayfield with no equity or stake in the companies.
KlaymanToskes is dedicated to restoring the financial lifestyles of ultra-high-net-worth individuals including professional athletes, who have been victims of financial misconduct and/or exploitation.The law firm has recovered over $600 million for its clients, including professional athletes and celebrities.
Common Financial Crimes Targeting Professional Athletes:
Professional athletes often fall victim to financial misconduct due to their high-profile status, reliance on advisors, and limited time to manage personal finances. According to the findings of a 2021 study conducted by Ernst & Young LLP, from 2004 to 2018, professional athletes alleged nearly $600 million in fraud-related losses. Common issues targeting pro-athletes include:
If you are a professional athlete or other high-net-worth individual who has experienced investment losses or financial fraud, contact attorney Steven D. Toskes at (888) 997-9956 or by email at investigations@klaymantoskes.com in furtherance of our investigation.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Steven D. Toskes, Esq.
888-997-9956
investigations@klaymantoskes.com
www.klaymantoskes.com