Ex-NFLer Nic Harris was one of nearly two dozen athletes who signed up for loans through a company Dash once headed, “and some who haven’t been able to pay back are claiming that the terms were hidden from them.”
Dash is a one time Internet mogul who has another famous relative, cousin Damon Dash — co-founded Roc-A-Fella records.
According to the NY Post, Darien once headed Pro Player Funding, “a Manhattan subsidiary of now-disgraced hedge fund Platinum Partners, whose execs were arrested last year on securities and wire fraud charges, accused of running a $1 billion Ponzi scheme.”
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Dash took advantage of the 5-month long NFL lockout in 2011 by pitching his Pro Player Funding loans. According to reports, “he was able to entice a few players to sign up under the premise that they’d be able to have money coming in during the work stoppage.” But what they didn’t realize was “the impact interest rates as high as 26% could have on their finances.”
Players who were cut from the league were first to face this dilemma and those who suffered a sufficient salary loss and couldn’t meet their financial responsibilities were sued.
“I was led to believe that I wouldn’t necessarily have to pay anything back if I wasn’t playing anymore,” former Carolina Panthers linebacker Nic Harris told the New York Post. He wound up being sued for $155,000 for violating the terms of his loan. “I think that was the impression of a lot of guys.”
Harris is one of the several players who have filed a lawsuit in Manhattan Supreme Court, “charging that the loans were predatory in nature and continue to keep guys in debt today.”