According to recent news reports, Texas Tech coach Tommy Tuberville and his partner are being accused in a federal lawsuit for financial fraud of more than $1.7 million. The suit is against an Auburn-based investment company that was founded by Tuberville and his partner.
By Erick Smith
Feb 28, 2012
A federal lawsuit is accusing Texas Tech coach Tommy Tuberville and his partner of financial fraud of more than $1.7 million.
The suit, which was filed Friday in Montgomery, Ala., includes seven plaintiffs Alabama and Tennessee that are seeking damages against an Auburn-based investment company. Tuberville and TS Partners co-founder John David Stroud are named in the filing.
According to The Huntsville Times, they two are accused of mixing their clients' assets with their own, failed to file tax returns, falsified client statements, falsified fund performance reports and "generally disregarded and violated customary practices and procedures followed in the hedge fund and security investments industry."
The complaint says several people, including at least one former employee of TS Capital, have asked money be returned and have yet to receive any reimbursement.
Tuberville was involved with TS Partners after he stepped down from his job at Auburn following the 2008 season. He spent 2009 out of coaching before being hired in 2010 at Texas Tech.
Vic Hayslip, Tuberville's attorney, issued the following statement Tuesday:
Coach Tuberville was surprised to learn of the pending lawsuit involving TS Capital Partners, LLC and he categorically denies any wrongdoing which has been attributed to him in this suit. He has never even met or spoken with most of the plaintiffs and he is acquainted minimally with the few other plaintiffs only because they were employees at TS Capital Partners, LLC. Coach Tuberville absolutely never solicited any investment from any of these or other individuals. It is important to note that Coach Tuberville himself invested significant funds and has never received any return from his own investment. Accordingly, he is hopeful the plaintiffs, who were employees, can help to provide answers as to what transpired. Coach Tuberville has cooperated with every regulatory inquiry and not a single one has asserted that he was involved in any wrongdoing. He intends to vigorously defend the allegations made against him and is confident he will be exonerated.
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