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Archive for Friday, December 30, 2011

Chiefs quarterback Kyle Orton sues former Chicago lawyers alleging bad investment advice

December 30, 2011

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— Attorneys for Kansas City Chiefs quarterback Kyle Orton have filed a lawsuit claiming bad advice from his former lawyers cost him and and others millions of dollars related to energy investments.

The 14-page lawsuit filed in Cook County Circuit Court this week names the Chicago-based law firm Chuhak & Tecson as a defendant. A message seeking comment from the firm on Friday wasn't immediately returned.

Orton, a former Chicago Bears quarterback, joined the Chiefs earlier this season after more than two seasons in Denver.

Comments

Linda Endicott 2 years, 3 months ago

Does this mean I can sue the state for bad investments with my KPERS money? And I didn't even get a say in whether or where the money was invested...

No? Didn't think so...sigh...

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Ron Holzwarth 2 years, 3 months ago

Some people will simply never learn, or are too stubborn to admit that there are some things that are beyond their knowledge base. Hubris is a term that certainly applies here. Sure, some people are good on a football field, so therefore they think they are good at everything. That is simply not the case, and that's why Ponzi schemes abound, along with many other fraudulent, dishonest, or very risky investment opportunities. They are everywhere!

And boy, do I ever know a few things about that, having been an employee of a few quite fraudulent, but within the letter of the law, companies. From the inside, you learn a lot!

You should never trust anyone's investment advice if you don't understand why they are making their recommendations, and you should never allow anyone that is handling your money to break these two fundamental rules of investing:

1) Never invest more than 5% of your portfolio in any single investment vehicle.

2) Never invest in any investment vehicle you do not thoroughly understand.

If rule #1 had been followed, the most that could have been lost is 5% of the portfolio.

The information you need in order to make wise decisions is readily available in many places. If you cannot read or understand those concepts, you need someone to help you.

Lawyers are the very last people you need to help you learn to read or to understand those concepts, because they will almost always have a vested interest in the choices they recommend .

And if you don't understand what a vested interest is, you REALLY need help before making any investment decision, or for any advice that concerns your money.

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sunny 2 years, 3 months ago

Can the American People sue the Government for bad Energy Investments???????????????

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riverdrifter 2 years, 3 months ago

Not the first time this outfit has preyed on NFL ballers, methinks. A friend of mine who played for the Raiders two decades ago got scammed by a guy named Tecson in ~1993.

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Benjamin Roberts 2 years, 3 months ago

http://espn.go.com/chicago/nfl/story/_/id/7404415/kansas-city-chiefs-qb-kyle-orton-sues-former-chicago-lawyers

"In 2005, the law firm encouraged then-rookie Orton and others to set up partnerships that, in turn, would invest in producers and sellers of gas generated at landfills, the lawsuit says. The plaintiffs didn't find out until 2010 that they didn't qualify for tax breaks that Chuhak & Tecson allegedly assured them they would benefit from."

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DillonBarnes 2 years, 3 months ago

This is no joke, I'm currently in litigation with my parents.

I obviously can't get into too many details, but let's say it involves a certain resident of the north pole, and certain "questions" as to his existence or not.

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irvan moore 2 years, 3 months ago

i wonder if they told him to bet on the chiefs against oakland last week

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newmedia 2 years, 3 months ago

Was it "green" energy investments? Just asking....

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hyperinflate 2 years, 3 months ago

How about a suit against Tim Tebow for ruining a perfectly good Broncos team? Now that God is on their side they seem to get blown out by about 30 points per game when they lose.

Hoping the Chiefs can end his whiny, miserable little career. It would renew my faith in them.

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