Former NHL Star Swindled for $43 million

23 Jul

Fedorov started his NHL career in 1990, originally signing with the Red Wings, where he stayed through the 2002-03 season. (David Guralnick / The Detroit News)

Sergei Fedorov: Financial adviser swiped $43M

Now, I’ve heard of bad business deals before, but I think that this one takes the cake.  Come on…$43 mil…Really?

For nearly 20 years, former Red Wing great Sergei Fedorov has victimized opponents with slick skating and a deadly shot.Now he says he is the victim, swindled out of $43 million by a Grosse Pointe Shores man entrusted to manage his money.

 In a lawsuit expected to be filed Thursday in Wayne County Circuit Court, Fedorov accuses Joseph Zada of embezzling the money during the past 11 years. Describing Fedorov as “a Russian-born individual who has limited knowledge of and experience in investment, legal and financial matters,” the lawsuit says Zada “by deceit and fraud worked his way into the confidence of Fedorov.”

 Zada challenged on Wednesday the amount Fedorov says he gave him, and denied trying to scam him. And he said it was a loan, not an investment.

Zada acknowledged agreeing to pay Fedorov $60 million earlier this year to resolve the matter. Fedorov’s suit says the money was never paid.

Read the entire story here.

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