Steve Young’s private equity firm accused of covering up fraud

[pwaldo]

https://nypost.com/2018/07/16/steve-...ring-up-fraud/

NFL great Steve Young is feeling the heat — and this time, it’s not from a 300-pound defensive lineman.

The private equity firm the Hall of Fame quarterback co-founded in 2007 — eight years after he retired — stands accused of covering up a massive fraud at one of its companies.

The PE firm, HGGC (which was formerly known as Huntsman Gay Capital Partners), where Young is a managing director, “falsified test results” at its Citadel Plastics company, according to a lawsuit filed by rival plastic manufacturer A. Schulman, which bought Citadel for $800 million in 2015.

Citadel allegedly had been selling products with the claim that they met Underwriters Laboratories specs, when they did not, according to court testimony.

A civil trial over the alleged fraud started in April, and Judge Travis Laster is expected to rule on the liabilities portion of the suit as early as the end of this month.

Damages will be decided in the fall. Schulman is seeking up to $275 million in damages.

[Jameis1of1]

Does the LDS Church Young belongs to have a stake in that company? This could be an interesting case to follow.

As for Young himself ... he's one of the most under-rated QBs of all-time ... just a great talent!