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SBD/Issue 84/FinancePrint All
The NFL is warning its players about the "Dreamkeeper Program," a potentially fraudulent investment fund marketed by Orlando-based Ware Enterprises & Investments that promises returns of 10% "monthly for the first 10 months" and 5% "monthly thereafter," according to Adam Zagorin of TIME. The NFL said that "at least 20 of its players have invested with Ware." The league in July sent "an alert to its 32 teams warning of possible 'misrepresentation' involving the company," noting the firm was "not registered with investment regulatory authorities and that both Ware brothers have criminal records" for convictions unrelated to finance or investment. The league also informed the FBI and SEC. NFL VP/Communications Greg Aiello: "Our security people smelled a rat. It appears to be as big a potential fraud as we've seen impacting our players." San Diego-based Fraud Discovery Institute Founder Barry Minkow, said, "We believe that there are current and former players from the Oakland Raiders, Miami Dolphins, Washington Redskins and possibly other NFL teams as well as entertainers." But Ware Owner Warren Ware said, "Things are going fine and I don't know of one client who is unhappy. None have lost money or failed to receive their (promised) rate of return" (TIME.com, 1/16).