Young did not say anything about being told he was signing “banking” documents in his deposition, but Dolezal said that will be included when his client is questioned under oath again.
Peoples testified that he was contacted by an associate in Houston a day after Young led Texas to its national championship-clinching victory against USC in the 2006 Rose Bowl and was asked if he’d be interested in helping with the quarterback’s finances. Peoples said he ultimately received $65,000 a year to perform duties that included paying Young’s bills.
Even with the $26 million in guaranteed money Young received from the contract he signed with the Tennessee Titans in 2006, the quarterback was in a financial bind after five seasons in the NFL, according to Peoples. Asked to describe Young’s financial situation in May 2011, Peoples replied: “Not good.”
Peoples said Young’s monthly expenses were unpredictable, sometimes running as high as $200,000.
“It’s almost like I can have a $30,000 budget that I know we had to pay here, but then, you know, I get an invoice for a Ferrari that he just bought for $176,000, and they want their money,” he testified.
Dolezal said it’s possible Young was on shaky financial ground in 2011 and just didn’t know it.
“The fact is we don’t have documentation to show where about $5 to $7 million is,” he said.
Young has filed a lawsuit in Houston in which he claims Peoples and his former agent, Major Adams, misappropriated $5.5 million. The suit, filed five days after the Pro Player loan went into default, also asserts that the loan was another scheme to defraud the quarterback.
Peoples testified that he was asked to arrange the loan by Adams and Young’s uncle, Keith Young, a former middle school teacher who assumed the role of business manager for his nephew.
However, Adams testified in his deposition that he had no involvement in the loan and that he had been fired by Vince Young before it was procured.
Peoples’ attorney, David Chaumette, said his client mistakenly mentioned Adams in his testimony because he often was asked by both the agent and Keith Young to secure loans for Vince Young.
Keith Young did not respond to phone and email messages seeking comment. He has yet to give a deposition.
Another lawsuit filed by Vince Young in New York calls Pro Player “a predatory lender with a history of loaning funds to football players on extraordinary onerous terms” and accuses it of harassing him. The company has denied the charge.