Former Saint Russell Erxleben indicted for running Ponzi scheme [MERGED] (1 Viewer)

[GrandAdmiral]

Didn't see this posted. Dude can't seem to get his life straight...

AUSTIN, Texas -- Federal authorities indicted former New Orleans Saints kicker Russell Erxleben for allegedly running a Ponzi scheme that netted more than $2 million.

"An eight–count federal grand jury indictment, returned on Tuesday and unsealed today, charges the Dripping Springs, Texas resident with five counts of wire fraud, one count of securities fraud, and two counts of money laundering," said a statement from the United States Attorney’s Office
Western District of Texas.

According to the indictment, from 2005 until October 2009, Erxleben, 56, ran the Ponzi
scheme, defrauding investors under fraudulent pretenses.

Erxleben, according to the indictment, used several companies to convince people to invest in fraudulent business ventures, "namely, in post-WWI German government gold bearer bonds and in a work of art purportedly by Paul Gauguin, a famous late 19th-early 20th century artist."

Former Saint Russell Erxleben indicted for running Ponzi scheme | wwltv.com New Orleans

 

[VinSaint]

As soon as potential investors found out Erxleben was involved, they should've punted.

HEY OH!!

 

[Cuozzo67]

"Blunderfoot" strikes again. For the record, Dick Nolan was responsible for the pick. He wasn't pressured by Mecom or anyone else. Nolan's contract gave him complete control of the draft. I thought Nolan was a good coach. He was a finalist for the job in 1967. He was a favorite for the job, but Mecom decided Fears was going to be "another Lombardi." Nolan was later hired in 1978 after Stram was fired.

So, what did Nolan in? :
Trading for Don Reese
Trying to cope w/Muncie rather than getting rid of him
Bad draft pcks ... especially Erxleben
The Flex Defense ... he didn't have the right personnel to run it
John Mecom ... unnecessarily hired Steve Rosenbloom as GM when Nolan had all control of football decisions
Cocaine ... it was more than Muncie and Reese

 

[TheDeparted]

He really can do everything

 

[BIG E]

He should have been indicted for fraud for trying to pass himself off as a kicker.

 

[champ76]

I was hoping never to see his name again.

 

[Diddley Poo]

Serves him right... he's the REAL reason we lost to the Rams in the final game in 1983!

 

[doctorj]

Worst draft pick EVER by the Saints. Sorry to see he is still spreading the pain.

 

[Grumpy Old Manatee]

Russell Erxleben's Woes Continue...

From Yahoo Sports:

"AUSTIN, Texas (AP) -- Former Texas All-American and NFL kicker and punter Russell Erxleben, who previously served a federal prison sentence for securities fraud, was arrested Thursday on new charges of running an illegal Ponzi investment scam that netted more than $2 million..."

Full Article:

Former NFL kicker Erxleben charged with fraud - Yahoo! Sports

 

[Professor]

He was a first-round draft pick by the New Orleans Saints in 1979.

One of the too-numerous-to-count mistakes by John Mecom.

 

[SaintStephen]

Russell Erxleben & Gauguin Painting Come Together In The World's Most Unexpected Ponzi Scheme

 

[threexcharm]

This will be his second conviction on federal raps. If he is found guilty, he is gonna do some serious time....maybe 15 years????? Plus fines and restitution????

 

[Saint Kamara]

He ran a Ponzi scheme on the Saints organization back in 1979.

What a loser human being.

 

[SuperSaint]

Art Schlichter might be the only NFL player I can think of that's a bigger train wreck than Erxleben.