Akers says he lost $3.7 million
The Philadelphia Daily News - Eagletarian
Akers says he lost $3.7 million
Daily News staff
David Akers could no doubt kick himself.
The financial troubles of the former Eagles placekicker who is now with the 49ers have been previously reported, but Monday he testified before a federal grand jury in Austin, Texas, that he lost $3.7 million in an alleged Ponzi scheme from 2007 to 2009.
Akers claims he got bad investment advice from Kurt Barton, the former chief executive of Triton Financial.
“I’ve had a lot of sleepless nights,” Akers told the Austin American-Statesman. “This is my family’s future. I said that to Kurt a lot of times. I said, ‘Man I’m trusting in you.’ ”
According to the NFL salary database compiled by USA Today, Akers earned $12.1 million during his career with the Eagles, topped by $3.37 million in 2005. That includes a $1 million signing bonus.
Akers, 36, signed a 3-year deal with the 49ers last month.
Prosecutors contend Barton lied to investors while building a $50 million Ponzi scheme.
Akers said that he invested in real estate purchases and in a health club Triton was developing in San Antonio. He initially ponied up $75,000 to purchase a plot of land that could be used to build a small stadium or an amphitheatre.
Akers said he also gave Barton money for an insurance company that was never purchased, for an athletic center Triton rehabilitated in San Antonio and for land for another athletic center. According to testimony, the second purchase never happened but Triton told investors that it did.
Barton, however, claims he made a series of bad business decisions but did nothing illegal.
Safety Sean Considine — now with the Jaguars — and quarterbacks Koy and Ty Detmer are former Eagles who also claim they lost money in the venture.
Reportedly, it was Koy Detmer, playing with the Eagles at the time, who introduced Barton to Akers and Considine. Koy and Ty Detmer would both work for Triton after their playing careers.
Barton faces numerous criminal charges, including conspiracy, wire fraud, securities fraud and money-laundering.
i really wonder how dumb and or greedy these athletes are... i feel bad for Akers, but how hard is it to know you should put your money in a reputable company like philly's own Vanguard for instance? how much money does he need? he could have earned 6-8% yearly relatively safely with Vanguard in sensible investments, but these guys want 20% or more return from criminals! well, you get what you deserve imo, its just STUPIDITY and GREED to blame. (and i love Akers, i wanted the eagles to keep him!)— Mr.Sinatra- The following has been an unpaid, cheesy commercial brought to you by the relatively safe you know what. — escapedcamden4monterey
- Ignorance. — tr88
- Have you earned 6-8% yearly since 2005 with Vanguard? If so in what funds? To call Akers dumb and greedy is ignorant here. You will never understand because you are undoubtedly from the working poor class, but people with money invest much differently than you would with the 3% of your $32,000 a year you have to invest.
Don't hate on Akers for having money, if you would have practiced kicking a little harder in your teems, it might have been you.— MD20202020 - Have to agree with Mr. Sinatra....a million makes 30 grand in interest alone...just be safe and hed still have his money — dennis14
- You don't want to put up a million for a $30,000 payday, not now. — escapedcamden4monterey
- That's why you hire a certified financial planner, not invest with some "investor."— HandNik
- Anyone can be a CFP. I know tons of guys who after high school or college had no realistic job prospects and they either became CFP's or real estate agents. I'm not knocking either profession but I'm just saying most designations don't mean anything anymore b/c it's either a simple test and/or pay a modest fee. These guys are a dime a dozen and loosely regulated at best. Bottom line, (1) you should never trust anyone else with your family's future, and (b) you should never invest in anything you don't completely understand. If it's too good to be true, somethings usually wrong. I feel bad for Akers b/c bad things happen to good people but there have been too many articles on this site where most fans have their own issues to deal with. In the end, Akers signed a new deal with SF so I don't think he'll be out on the street. He's got prospects. If not playing, he still things in media, coaching, appearances etc. Most people don't have any fall backs. — DennyP
- yea, what a shocker that a bunch of former Andy Reid players are dumb and guillable enough to fall for that and lose 3.7 million. I like Akers too, but his former coach will NEVER, EVER, win a SB. any guy that speaks up they cut or trade, the rest fall in line and lose in the playoffs or sooner every year. The dumbest guys like McNabb last the longest...and they still dont win. Andy Reid is an over-rated idiot that will NEVER, EVER win a SB. IT WILL NOT HAPPEN.— CharlieGarner25
- I realize that you need to say (for the 132nd time) that Andy Reid will never win a Super Bowl. Every one of you posts says the same thing so maybe try to be original next time. We get it! You do not like Andy Reid. What I don't get is how a bad investment made by a player is the fault of Reid. Now you are just being rude, ignorant, and vindictive. Get over yourself! — Throckmorton
- come back when you have something new to post.
or when you learn to spell "gullible".
then you can lecture us on how stupid the players are.
ok?
thanks.
bye.— ekw555 - I'm sorry. I hope he gets back on his feet but this is what greed gets you. The need to double or triple your millions instead of investing safely is what these athletes just dont get. I like Akers but in past articles he was talking as if the eagles owed him a big signing bonus so he could repair the damage. How many athletes have to go broke on risky investments before they learn that a nice $5 million in safe investments is ok to live on. You want to gamble your future so you might be able to live like a guy with $50 million then you deserve what you get.— Sewellmatt
- yeah it sucks for him. but i love how these guys are suprised that they got burned with investments. investing is always a gamble whether or not it's a scheme. if he just put that $12+ million in the bank he'd have earned and would earn more than enough to live very wealthy. or if he couldn't trust himself he coulda bought treasury bonds that IS the best investment because if the U.S. can't honor them when you cash em in, then this country would no longer exist, and therefore there'd be bigger problems like just staying alive. he shoulda pointed to the sky a few more times. obviously his prayers weren't answered.
— Evilvet - yeah it sucks for him. but i love how these guys are suprised that they got burned with investments. investing is always a gamble whether or not it's a scheme. if he just put that $12+ million in the bank he'd have earned and would earn more than enough to live very wealthy. or if he couldn't trust himself he coulda bought treasury bonds that IS the best investment because if the U.S. can't honor them when you cash em in, then this country would no longer exist, and therefore there'd be bigger problems like just staying alive. he shoulda pointed to the sky a few more times. obviously his prayers weren't answered. (HTML deleted)— Evilvet
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