Yesterday, the Huntsville Times reported a bizarre story on Texas Tech head coach Tommy Tuberville, who is one of the focal points of a nearly $2 million fraud lawsuit.
Tuberville, one of the managing partners of TS Capital along with co-manager John David Stroud, was accused of swindling investors out of funds totaling $1.7 million. The lawsuit, filed last Friday by multiple plaintiffs, states Tuberville and Stroud “mixed their clients’ assets with their own, failed to file tax returns, falsified client statements, falsified fund performance reports and ‘generally disregarded and violated customary practices and procedures followed in the hedge fund and security investments industry.’”
A day later, Stroud said through a statement released by his lawyer that Tuberville should be absolved of any responsibility in the lawsuit.
“Given Coach Tuberville’s lack of involvement with the day-to-day operations of the company, as well as the fact that he did not solicit the plaintiffs, Mr. Stroud can only surmise that he was named in this lawsuit to garner unwarranted media attention, which has apparently succeeded,” the statement read.
Tuberville had been working with the Auburn-based investment company for the past few years. He took over as head coach at Texas Tech in 2010.
When asked about the lawsuit Wednesday, Tuberville said “Lawsuits are pretty serious, obviously, and so we’ll let the lawyers handle that. I feel real good about it, but we’ll have to wait and see.”
A statement released by Tuberville’s attorney on Tuesday said the coach was cooperating with regular inquires about the company and the lawsuit.
“Coach Tuberville has had nothing to do with these plaintiff’s investments,” the statement read. “He did not solicit investments, encourage investments or manage investments. He had absolutely nothing to do with their investments.”
(Hat tip: Lubbock Avalanche-Journal)
