Problems Continue for Tank Black

Problems Continue for 'Tank' Black

After indictment of fraud, civil lawsuits by former clients claim he swindled players of millions

New York, May 23, 2000 -- William 'Tank' Black, the agent to marquis NFL and NBA players, has seen his fortunes continue to descend. After being indicted on criminal charges [click here], Black has lost just about all his clients and now faces civil suits for fraud.

The suits, filed by Jacksonville Jaguars running back Fred Taylor and New York Giants wide receiver Ike Hillard, claims that Black defrauded the players out of $4.5 million. The Securities and Exchange Commission has accused Black of swindling over two dozen athletes out of $13.5 million in a pyramid scheme, according to Sportsbusinessnews.com.

Even assuming that the players will win the suit, it may be difficult to find the money. An unfortunate truth is just because a party has a valid legal claim does not mean that the victorious person can collect the money. It is a likely possibility that Black won't have those funds and the players may win only a symbolic victory.

In recent years, the players' unions have attempted to regulate player agents, and for the most part, the most egregious examples of agent misconduct have not occurred [click here to read the Norby Walters' case]. But as the 'Tank' Black saga continues, those reforms and no guarantee of quality representation.