Tommy Tuberville knows how to run a football field. They nicknamed him “The Riverboat Gambler” for his aggressive plays at Ole Miss. He helped the Auburn Tigers win five bowl games. And so far at Texas Tech he has led the Red Raiders to one bowl game win. However, off the field, he seems to need a little help managing money in his Auburn-based investment company.
Tuberville and his co-founder John David Stroud have been listed in a federal suit that alleges they committed fraud at investors’ expense of more than $1.7 million. Tuberville’s attorney released a statement that he, “categorically denies any wrongdoing which has been attributed to him in (the) suit.”
The 32-page suit, though, claims that Tuberville and Stroud did not file tax returns, falsified documents, lied about fund performance and mixed their assets with assets of their clients, to name a few.
The suit is next in a growing line of legal troubles. In October 2011, the National Futures Association (NFA) took “emergency enforcement action” against Tuberville’s TS Capital Management firm after it failed to cooperation with an NFA audit. In February of this year, seven people sued Tuberville and Stroud for securities fraud (which has now grown to eight plaintiffs). The plaintiffs have recently rejected Tuberville’s request to stop depositions until Stroud’s case has been resolved – a case that could take years for a resolution as Stroud has been exercising his 5th Amendment right to not speak, and therefore, not helping the case move along very quickly at all.
When all is said and done the cases have finally been finished, it will be interesting to see how it all plays out. Will Tuberville be found to be innocent as he claims, or will the courts find him guilty of the charges brought against him? Regardless of the outcome, it’s sure to be a long game, possibly going into overtime.