Man charged with stealing more than $4.5 million from former Colts player

(File Photo)

INDIANAPOLIS (WISH) – A man has been charged for stealing more than $4.5 million from a former Colts player.

The player, who was not named, played in the NFL from 2003-2016, several of those years with the Indianapolis Colts.

According to the United States Attorney’s Office, 63-year-old Kenneth Cleveland faces 10 charges, seven for wire fraud and three for money laundering, in connection to an alleged investment fraud scheme.

Acting as a financial advisor for the player, Cleveland working for the player soon after he entered the NFL. According to court documents, Cleveland promised to invest the money in conservative investments which would yield a significant amount of “interest” every month without ever depleting the principal.

Over the course of 10 years, the victim provided Cleveland with millions of dollars in order to invest.

Documents show that instead of investing the money, Cleveland used $2 million in a ponzi investment scheme to pay off other clients. He also used another $2 million on personal expenses including a mortgage, credit card bills, and payments to family members.

Documents also show Cleveland assured the victim a number of times in both writing and in person that the investments were performing well and provided the former Colts player with fake financial statements.

Cleveland’s scheme came to an end when the player began to ask for his money back and Cleveland, having spent the money, was unable to give back the money.

If convicted, Cleveland faces between 10 and 20 years in prison and a $250,000 fine.

Read the court documents here:


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