Rather than securing for Plaintiff a lifetime of financial security as Defendant Vick promised Plaintiff, Defendant Vick covertly used Plaintiff's income as his personal slush fund to subsidize his own lifestyle and expenses and to invest in his own projects, ultimately, through theft or gross mismanagement, losing and/or misappropriating approximately $15,000,000 of Plaintiffs monies and assets, while further wrongfully encumbering Plaintiff with debts and related penalties.McFadden's lawsuit said Vick had used a power of attorney to "engineer prolific withdrawals or transfers of monies from plaintiff's accounts directly to defendant Vick, to convincing plaintiff to create businesses that defendant Vick would ultimately just use to conceal and obfuscate his perpetual theft of plantiff's monies."
One such business involved Defendant Vick pressuring Plaintiff to start a venture creating and manufacturing bitcoins, guaranteeing Plaintiff that even if the venture did not generate
profits, Defendant would guarantee that Plaintiff would not lose any money. Furthermore, Defendant promised to pay back Plaintiff any funds that Plaintiff invested in such business venture. Instead, consistent with Plaintiffs recently-revealed pattern and practice Defendant Vick used Plaintiff's fund to start this bitcoin "business'', including using all of Plaintiff's monies to purchase all the necessary infrastructure and materials, only to retain all the revenues generated or derived from the "business" along with all the corresponding business assets purchased with Plaintiffs money.
McFadden said Vick was "an old family friend that we knew growing up forever and ended up trusting him to do my finances and it didn't work out right for me.
"It's just one of those deals with me as a young guy I wasn't on top of my finances like I should have been and I trusted somebody to take care of everything for me and I don't feel like at the time he had my best interest."