Kenneth Ray Cleveland, 63, of Agoura Hills, California, has been charged with seven counts of wire fraud and three counts of money laundering.
“People place great trust in those who help manage and invest their hard-earned money,” United States Attorney Josh Minkler said. “Exploiting that trust for personal gain through lies and deception is a crime that this office takes very seriously.”
Cleveland worked as the victim's financial advisor for years, just after the player left college. He promised to put the money in investments that would yield interest every month. The victim gave Cleveland millions of dollars over a 10-year period, according to a press release.
Cleveland gave him fake financial statements to keep the victim's trust and money.
Assistant United States Attorney Nick Linder, who is prosecuting the case for the government, said that the charges carry maximum sentences of between 10 and 20 years in prison and a maximum fine of $250,000.