Former Bears' WR Willie Gault under SEC investigation – NFL News
Former Chicago Bears and Oakland Raiders wide receiver Willie Gault is embroiled in a Securities and Exchange Commission investigation for artificially inflating the value of stock of one of the companies on his stock portfolio.
Gault who retired after eleven years as a National Football League player in the early 1990s is alleged to have used his reputation as a sports personality to scam investors out $ 8 million. The SEC has filed a lawsuit against
the former star and five other accomplices in a civil court in Los Angeles to recover the money and bring the offenders to justice.
Heart Tronics Inc. The company in the midst of the case was shown to have millions of orders from customers which it did not and Gault used his celebrity status to convince small investors to part with their hard earned money.
Attorney Mitchell Stein one of the accomplices used the money gained for his personal use while Gault also received a cut for his efforts.
"Stein took advantage of Gault's celebrity to further prop up the image of Heart Tronics as a successful enterprise," said Stephen Cohen, an SEC associate director. “He has been living the high life off his illicit proceeds with
multiple homes, exotic cars and private jets."
Willie Gault joined the Chicago Bears in 1983 and played for the franchise till 1987. The wide receiver then joined the then Los Angeles Raiders (current Oakland Raiders) from 1988 playing for the franchise till 1993. Gault has
played 170 games in his career making 333 receptions and covering 6,635 yards. He also scored 44 touchdowns during his career.
Stein has now been arrested and all the accused are due in court. Gault has hired Jared Scharf as his attorney and the lawyer is also representing Heart Tronics in the case. Scarf speaking to reporters claimed that the accusations
are false and he will do his best to clear his clients name in a court of law.
"He's not really surprised by this but he's disappointed," Scharf said of Gault. "He did not profit from this."
The Securities and Exchange Commission after thorough investigation have launched a case and will look to return the illicit gains made by the accused.
Chicago Bears players have been embroiled in controversy this season. Sam Hurd was just last week arrested by Police for drug dealing charges.
Chicago Bears are currently third in the National Football Conference North and in danger of losing out on the post season after losing their last four games. They will face the Green Bay Packers on Sunday.
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