Brett Favre’s Being Sued for $16 Million for Deceiving Investors
Is Farve a fibber?
Investment firm, Callais Capital Management, is calling foul on NFL Hall of Fame quarterback, Brett Favre. Favre is being sued for $16 million for allegedly deceiving investors into buying into a failed social media startup, according to The Blast. Along with unidentified business partners, Farve is being accused of convincing Callais Capital into investing into social network, Sqor.
The network is described as a way to connect fans with their favorite athletes. Sqor publishes the athlete’s social media posts from Sqor and various other platforms to their designated Sqor page. Callais Capital alleges Sqor “materially misrepresented” the network’s outreach, claiming the growth exceeded that of Twitter and LinkedIn.
The Callais Capital also says it was presented Sqor’s growth chart, which “negligently and/or fraudulently misrepresented” the company’s projected income of $44 million for the current year. The firm alleges they were lied to regarding the $25 million Sqor was anticipated to raise through equity capital as well.
The lawsuit also alleges Favre received excessive benefits from Sqor, including private jet costs, equity and athlete payments. Sqor is accused of falsifying its amount of influence in the sports world with investors. The company claimed household names like Conor McGregor, Odell Beckham Jr., Allen Iverson and Rob Gronkowski were active users of the network. Even allegedly going so far as to tell Callais Capital a verbal agreement had been made to move forward with a partnership with the NFL Players Association. Callais Capital is currently seeking the return of its multi-million dollar investment, in addition to consequential damages in an unspecified amount.