By James Langton
(February 25 – 16:10 ET) – The Securities and Exchange Commission has obtained an asset freeze and restraining order against William “Tank” Black, agent for Toronto Raptor,Vince Carter. The SEC is alleging that Black has defrauded his clients of millions.
Yesterday the SEC filed a civil action against Black in Tampa, Fla.alleging a “series of frauds perpetrated on professional athletes by their agent, William ‘Tank’ Black, his business partner, James Franklin Jr., and the entities that they control Professional Management Inc. and Professional Management Consulting Inc.”
Today the SEC received a temporary restraining order that freezes their assets and requires them to account for proceeds of the alleged fraud.
The SEC alleges that beginning in early 1996 and continuing to the present, Black, Franklin, PMI and PMC defrauded 24 PMI client-athletes of at least US$5 million in various schemes including a couple of offshore Ponzi schemes.
Black is primarily an agent for NFL players, including Rae Carruth, the Carolina Panthers’ star recently charged with the drive-by shooting of his pregnant girlfriend.
Black has been embattled for some time, accused of tampering with college football players by the NFLPA. Black has denied those allegations. Carter is his only NBA client. Last July he was reported to have extended his contract with Black through 2011.