Summit Management Indicted for Fraud, Laundering

Summit Management Charged with Fraud, Laundering

South Carolina authorities indict agency who lost money; athletes include '97 Heisman winner

Columbia, South Carolina, January 11, 2001 -- State authorities said Darnell Jones, 38, and James Brown, 52, operators of Summit Management Group Ltd., were charged with fraud and money laundering in the 56-count indictment. Among the clients’ Summit had Stephen Davis of the Washington Redskins and the University of Georgia's Quincy Carter.

To add to Summit's problems, at least five victims, including Jenkins, Travis “Gookie'' Dawkins of the Cincinnati Reds and New York Mets coach Mookie Wilson, have sued the group. Other athletes, like Charles Woodson of the Oakland Raiders, became involved with Summit and got out before suffering significant losses.

But Summit used Woodson's high profile as the 1997 Heisman Trophy winner at the University of Michigan to its advantage, according to the indictment. Jenkins used his signing bonus to buy a car for himself and a house and a car for his mother. But, according to Jenkins, Summit Management Group, the agency Jenkins hired to handle his money, never made the payments.Those cars have been repossessed and a foreclosure has been issued against his house in southeast Columbia, Jenkins said.

Summit officials were indicted Wednesday on charges they bilked clients out of $3 million to $5 million. Jenkins' attorney, Tom Young of Columbia, said he filed a lawsuit, and Summit was found to be in default, but no judgment has been issued to determine what Jenkins is owed. "These guys got away with murder, at least for while," Jenkins said. "And we're the ones who have suffered."

Courtesy: Sportsbusinessnews.com