Freeney sues Bank of America for $20M in fraud case

Free agent linebacker Dwight Freeney is suing one of the nation's largest banks, alleging it swindled him out of more than $20 million and forced him to close an emerging Hollywood restaurant business.

Freeney and his company, Roof Group LLC, sued Bank of America in a California superior court weeks ago. The former Colts and Chargers defender, a seven-time Pro Bowler, went public with the lawsuit Tuesday.

The lawsuit claims Freeney was taken advantage of after trusting the bank's wealth management division with his assets.

Bank of America disputes the claims.

"Although we sympathize with Mr. Freeney as the victim of a crime, the bank had nothing to do with the criminal scheme," said Bill Halldin, a spokesman for Bank of America.

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Halldin says the two people responsible for the wrongdoing have already been convicted in criminal court and ordered to pay restitution.

A former Bank of America Merrill Lynch adviser and a business associate were arrested in 2012 after fraudulently wiring $2.2 million out of Freeney's account.

"The primary wrongdoer never worked for the bank or any of its affiliates," said Halldin. "And the other person committed her criminal conduct after she left (the bank) in 2010, after she left Merrill Lynch, he hired her to work personally for him."

But in the lawsuit, Freeney alleges the nation's second-largest bank "participated in and aided and abetted" an elaborate, malicious scheme that began in 2010.

Freeney was recruited that year by Bank of America to become a client of its division that serviced affluent clients and clients with high net worth, the lawsuit alleges.

"Dwight's a smart guy," said his attorney Jeffrey Isaacs. "He was looking to make sure his money was safe and that he would have a financial future when his playing days were over."

Fast forward two years and Isaacs claims Freeney had lost $20 million.

Among his losses was Freeney's Los Angeles restaurant, Rolling Stone. He had secured an exclusive licensing agreement with Rolling Stone magazine and was on track to open a second eatery in California, Isaacs said.

Due to the financial catastrophe, the lawsuit alleges, Freeney was forced to shut down the restaurant and put off any future ventures.

Freeney asks in the lawsuit for $20 million to compensate what he lost out of pocket. He is also seeking punitive damages.

Bank of America is expected to respond to the complaint Wednesday.

"We are fully prepared and Dwight is fully prepared that it will be a fight," Isaacs said.

Dana Hunsinger Benbow writes for The Indianapolis Star, a Gannett affiliate.

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