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Sergei Fedorov’s former financial manager indicted for fraud

Sergei Fedorov

From The Detroit News:

Sergei Fedorov’s financial manager, who allegedly swindled the former Red Wings star out of $43 million, was indicted this week by a federal grand jury in connection with a fraud scheme involving phony Saudi Arabian oil deals.

Instead of investing the money, Grosse Pointe Shores resident Joseph Zada allegedly spent more than $20 million bankrolling a lavish lifestyle, including extravagant parties, luxury vehicles and homes in Florida and Michigan, according to the indictment.

Fedorov, 43, was not the only who was allegedly wronged by Zada. There were apparently “more than 20 people who invested,” according to the indictment.

“It’s been a trying and difficult ordeal that Joe Zada put him through but right now I’d say he is doing well,” Fedorov’s lawyer, Brendan Frey, told the newspaper today. “He is glad to see Joe finally indicted.”