Former NFL player charged with running $10 million financial fraud

August 10, 2016 4:22 PM EDT

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WASHINGTON (Reuters) - Former NFL player Merrill Robertson Jr. was charged on Wednesday by the U.S. Securities and Exchange Commission with defrauding investors.

Robertson, a former Philadelphia Eagles player, and Sherman Vaughn Jr., co-owners of Cavalier Union Investments LLC, diverted nearly $6 million of the more than $10 million they raised from investors to pay for personal expenses, according to the complaint, filed in federal court in Richmond, Virginia.

(Reporting by Eric Walsh)

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