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Sports Industrialists

COULD TANK BLACK INVESTIGATION INCLUDE DRUG CHARGE?

          TANK BLACK's life and business are now in "shambles"
     after a federal investigation turned up the "biggest case of
     agent fraud in the history of sports," according to L. Jon
     Wertheim of SPORTS ILLUSTRATED, who profiles the case. A
     civil suit filed by the SEC earlier this year accuses Black
     of "defrauding clients and mismanaging approximately" $15M
     of their money.  Athletes who were represented by Black
     through his SC-based Professional Marketing Inc. (PMI) and
     lost money included Jaguars RB FRED TAYLOR ($3.6M), Bucs WR
     JACQUEZ GREEN ($500,000) and Raptors F VINCE CARTER
     ($300,000).  But the SEC case "might be the least of Black's
     troubles," as several sources report that a federal grand
     jury in Detroit "has been considering whether to indict
     Black for allegedly laundering money for a Detroit drug-
     trafficking ring."  Federal investigators "have testified
     that Black filtered narcotics money through offshore
     accounts in the Cayman Islands and helped a fugitive drug
     dealer flee the U.S."  Wertheim notes the "seriousness" of
     the numerous allegations against Black "has left even some
     of his pursuers stunned" (SI, 5/29 issue).    

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