Financial Adviser To Several Pro Players Agrees To Settlement In Fraud Case

BILLY CRAFTON, a financial adviser to MLB, NBA, NFL and NHL players, has agreed to pay $1.7M as part of a settlement with the SEC. Fraud charges were filed against Crafton in federal court in San Diego, alleging that he “failed to disclose compensation and kickbacks he received for steering clients to certain investments and financial products,” the SEC said in a press release. Crafton agreed to the payment figure in settlement papers he signed in April, but the settlement is subject to court approval, the SEC said. Crafton, as previously reported, filed for Chapter 7 bankruptcy protection in September ‘13. A dozen current or former pro athletes, including Phillies P COLE HAMELS, Rockets G JASON TERRY, former NFLer A.J. FEELEY and his wife, soccer player HEATHER MITTS, were listed as creditors in that bankruptcy.