HOUSTON (CN) – Former NFL quarterback Vince Young’s longtime financial adviser owes him $2 million after missing a payment on a settlement agreement, Young claims in court.
Young, a Houston native and Heisman Trophy finalist, led the University of Texas to the Rose Bowl championship in 2006 and was drafted by the Tennessee Titans with the third pick in the 2006 NFL draft.
Young could not duplicate his college success in the NFL, however, and retired after six seasons with five teams.
He signed a one-year contract with the Cleveland Browns in May 2014 and was released less than two weeks later.
As Young’s NFL career fizzled his financial troubles came to light in a lawsuit against Ronnie Peoples and his Raleigh N.C.-based firm Peoples Financial Services, who managed Young’s finances from 2006 to 2011, court records show.
Young sued Peoples and PFS in June 2012 in Harris County Court, claiming Peoples defrauded him of $5.5 million and impersonated him to get a $700,000 loan.
They reached a settlement in which Peoples had to pay Young $1.3 million, with a first payment of $100,000 due by Sept. 1, 2014 according to Young’s Jan. 27 lawsuit in Harris County Court.
Young claims Peoples missed his first payment and defaulted on the deal.
“As part of the settlement agreement, defendant agreed to the entry and recording of an agreed judgment in the amount of $2,000,000.00, plus interest at a rate of 5% from the date of execution of the settlement agreement, upon any default for failure to make the required payments,” Young says in his latest lawsuit.
Peoples’ attorney, David Chaumette, told Courthouse News the settlement is a work in progress.
“We have been working out some of the issues with the settlement. We’re still in active talks with Mr. Young and his counsel,” Chaumette said. “We’re fairly confident that everything’s going to be worked out in pretty short order.”
Chaumette added: “He’s going to make whatever payments he needs to make under the settlement agreement. There have been a couple of hiccups along the way, but as we’ve told the Young camp frequently, Ronald will live up to the terms.”
Young’s attorney Brian Kilmer with Kilmber Crosby & Walker of Houston did not respond to a request for comment.
The University of Texas hired Young to be an alumni and community relations officer in August 2014 and will pay him $100,000 a year, according to ESPN.
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