DALLAS (AP) — The former financial adviser for ex-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.”
A transcript of Peoples’ deposition, taken Jan. 16 in Raleigh, was obtained by the Associated Press.
Young’s attorney, Trey Dolezal, said Peoples’ account contains numerous inaccuracies, including the statement regarding the birthday celebration.
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“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% 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.
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That account was disputed by Peoples, who testified that he personally discussed the loan with Young at a meeting in Houston. Moreover, funds from the loan, which closed a day before Young’s 28th birthday, were used to satisfy the quarterback’s “obligations,” Peoples said.
“We’ve got accountability to what happened to the money and a breakdown of the money, you know, once that loan closed, because that was actually reimbursement costs and stuff that Vince had incurred from borrowing money from others,” Peoples testified.
Dolezal said Young never had a meeting with Peoples in which the loan was discussed.
“He does believe he may have signed three pieces of paper that were notarized, but he was told they were banking instruments, that they needed his signature for some banking documents,” Dolezal said.