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).
