SBD/October 19, 2010/Labor and AgentsPrint All
A financial advisory firm that represents numerous NFL players and is being sued by two of them has had its certificate of good standing revoked by the North Carolina Secretary of State's office, and attorneys suing the firm say they cannot serve the business because both of its offices are closed. Capital Management Group Wealth Advisors, a Florida corporation with its main office in High Point, N.C., in '06 was issued a certificate of authority, necessary for an out-of-state business to operate in the state, but did not file any annual reports with the Secretary of State's office, as required under state law. "We revoked their certificate of authority for North Carolina on Aug. 25 of this year," said GEORGE JETER, spokesman for the Secretary of State's office. MICHAEL ROWAN, a principal with the business, said it represents numerous high-profile NFL players. He said last night that the firm was in good standing with the state of North Carolina. Rowan also denied allegations in a lawsuit, first reported in SportsBusiness Journal, that Saints DE ALEX BROWN had lost $4M in a series of investments. "Oh, my God, the things people come up with," Rowan said. Brown's lawsuit, which alleges breach of fiduciary duty among other things, was filed in state court in Illinois against Rowan, business partner JASON JERNIGAN and Capital Management Group Wealth Advisors. Rowan, Jernigan and their business are also being sued for breach of fiduciary duty, among other things, by Chargers WR BUSTER DAVIS for an amount in excess of $500,000. Rowan said Davis' lawsuit was being "worked out." But BRAD SCHLOTTERER, attorney for Davis, said today, "The suit that Craig Davis filed is going forward."
NO COMMENT ON BROWN SUIT: Rowan said he could not comment on the suit filed by Brown because he had not seen it, but denied that Brown had lost $4M. NICK IAVARONE, Brown's attorney, said, "We have the checks, the money is gone and we welcome him to come to court and assert whatever defense he thinks he has." Iavarone said attempts to serve Rowan's business at its known addresses in North Carolina and Florida have been unsuccessful. "We have attempted to serve them where official records say these companies are supposed to be," he said. "The offices were either closed or they don't exist anymore." Meanwhile, multiple agents said other NFL players who invested in some of the same investments as Brown and Davis had fired Jernigan and Rowan recently. Rowan acknowledged the company was fired by Buccaneers RB CADILLAC WILLIAMS and Redskins OT JAMMAL BROWN.