Financial Adviser To Athletes Files For Chapter 7 Bankruptcy
Billy Crafton, who has worked as a financial adviser to numerous professional athletes including MLBers and NFLers, has filed for Chapter 7 bankruptcy in U.S. Bankruptcy Court in San Diego, claiming estimated liabilities of $50M-100M. The petition, filed on Sept. 4, lists estimated assets of between $100,001-500,000 and lists the estimated number of creditors at between one and 49. Crafton and his attorney Jeffrey Cawdrey did not immediately respond to requests for comment.
Seven current and former NFLers, and soccer player Heather Mitts, filed lawsuits against Crafton in '12, seeking to recover losses they claim they suffered while Crafton was their financial adviser. The NFLPA issued its first “alert” in April '12 to all NFL player agents about an investigation it was conducting into a financial adviser, which was Crafton.