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Financial Advisor to Athletes Sued For Fraud After NFL Agent Defaulted on Loan

By Chase Carlson | Twitter: @ChaseACarlson

Daryl Davis, a financial advisor to professional athletes, and his company, The Parrish Group, LLC, have been sued by Christopher Monroe, former professional overseas basketball player. According to a brochure from The Parrish Group, it is an “investment advisory firm that focuses on creating customized strategies for everyone who seeks financial success.” Monroe is George Washington University’s all-time leading men’s basketball scorer.

On August 31, 2016, Monroe filed a lawsuit in the Superior Court for the District of Columbia against Daryl Davis and The Parrish Group. According to the lawsuit, Monroe brought the case “to seek recovery from a financial advisor who negligently and fraudulently advised [Monroe] to make unwise financial investments, persuaded [Monroe] to enter into investments that benefitted the advisor but were not in [Monroe’s] best interest, and lost [Monroe’s] money in investments that [Monroe] never approved or authorized.”

Athlete Loan Business   

In the lawsuit, Monroe alleged that Davis and The Parrish Group, through an entity named Dominion Capital Partners, LLP, raised capital from investors to fund short-term, high-interest loans to professional athletes. Monroe claims that “Davis and The Parrish Group invested Monroe’s funds in a loan for an individual, Alvin Keels, who has not repaid the loan and [Davis and The Parrish Group] are now involved in litigation to attempt recovery of those funds.” Alvin Keels is an NFLPA Contract Advisor (NFL Agent) with Paramount Sports & Entertainment.

According to legal filings, Davis “admits that [Monroe] invested his funds, through The Parrish Group, in a loan to Alvin Keels, which loan is currently the subject of litigation pending in the Norfolk Circuit Court in Norfolk, Virginia.” Court records show that Alvin Keels, Global Sports and Entertainment, and Global Management Group were in fact sued in Norfolk Circuit Court on March 3, 2016, by Dominion Capital Partners, LLC. That case appears to have been dismissed on January 25, 2017.

Real Estate Investments

In addition to the loan business, Monroe also claims that Davis and Monroe became business partners in two multi-family residential properties located in Northeast and Southwest Washington, D.C. Monroe alleges that Davis breached his fiduciary duty by persuading Monroe to be the sole guarantor on the mortgages for both properties, leaving Monroe exposed to all financial liability under the mortgages. As part of the lawsuit against Davis and The Parrish Group, Monroe claims that Davis “failed to provide access to business records, financial statements, and timely and accurate tax statements.”

Other Lawsuits

A court records search in the District of Columbia Superior Court found ten court cases, including the Monroe case, against Daryl Davis and/or The Parrish Group, LLC. At least six of the cases appear to be related to non-payment of rent and/or eviction. Information on these cases are as follows, with details derived from the court filings:

Tyson J Anderson vs. Daryl M. Davis (Case No. 2017 SC3 001275): “This case is settled as follows: the lease on 3261 Theodore R Hagans Drive. Plaintiff will retain a securities deposit of $3,300. Defendant will pay Plaintiff $7,600 over 12 months, $633.33 each month until paid in full.” A later filing stated “I filed a SC case against Daryl M. Davis. We met in court on 4 April 2017 and were referred to mediation. We reached an agreement which was filed in open court. Daryl M. Davis agreed to enter of a judgment if he didn’t comply. He has made no payments/hasn’t complied. Please enter a judgment of $7,600.” An order was entered against Daryl Davis on June 19, 2017, for $7,600. As of October 19, 2017, Anderson claimed in court filings “The Defendant still has not paid any amount owed.”

Tyson John Anderson vs. Daryl Davis and Leah Davis (Case No. 2017 LTB 002974): “Plaintiff seeks possession of property because Defendant failed to pay $9,000, total rent due from December 1, 2016 to February 28, 2017.”

Horning Management Company, LLC vs. Leah Davis and Daryl Davis (Case No. 2017 LTB 015052): “Plaintiff seeks possession of property because Defendant failed to pay $3,400, total rent due from February 1, 2014 to March 31, 2014.”

Horning Management Company, LLC vs. Leah Davis and Daryl Davis (Case No. 2017 LTB 023645): “Plaintiff seeks possession of property because Defendant failed to pay $5,426, total rent due from August 1, 2017 to October 31, 2017.”

Tatyana Velasquez vs. Leah C. Davis and Daryl M. Davis (Case No. 2015 CA 007185 B): “Breach of lease contract, unpaid rent and utilities, unpaid penalties, unpaid rental fees, court fees, damages, and interest” seeking $8,988.27 in damages.

Tatyana Velasquez vs. Daryl M. Davis (Case No. 2015 LTB 020879): “Plaintiff seeks possession of property because Defendant failed to pay $2,699, total rent due from August 1, 2015 to August 31, 2015.”

The case of Donna Reynolds vs. Daryl Davis and Leah Davis (Case No. 2014 SC3 004572), appears to be related to Davis’ withholding a security deposit from a tenant: “The return of a security deposit paid to the Defendant, Daryl Davis on 1-24-2014 for APT #4 at 1619 Butler St. SE, Washington, DC 20020 withheld by the defendant/s since 9-15-2014 $1100.00 plus interest + court cost.”

I was not able to obtain the court filings for Continental Mortgage & Investment Corp. vs. Leah C. Davis and Daryl M. Davis (Case No. 2014 LTB 006961) and American Express Bank vs. Daryl Davis (Case No. 2013 CA 005420 F).

Securities Licenses

Securities and Exchange Commission (SEC) records show that The Parrish Group’s registration with the SEC terminated on February 20, 2008. It does not appear that anyone in The Parrish Group’s management currently holds a securities license, including Daryl Davis, Georgette Rucker (Director of Business Operations), Shurland Oliver (Director of Alternative Investments & Private Equity), or Corey Barbour (Director of Corporate Finance).

Prominent Clients”

According to The Parrish Group’s brochure, its “prominent clients” include, Bob Johnson (founder of BET), Manny Pacquiao, Dwight Howard, Victor Oladipo, Kam Chancellor, Julius Peppers, Vontae Davis, Vernon Davis, Demarcus Cousins, Marcus McNeill, and Ryan Sims.

Social Media

Daryl Davis’ Twitter (@daryl_davis) followers include JuJu Smith-Schuster (Pittsburgh Steelers), Tahir Whitehead (Detroit Lions), Doug Middleton (New York Jets), Jerry Stackhouse (Retired NBA), Quinshad Davis (Retired NFL), Donald Jones (Retired NFL), Marcus McNeill (Retired NFL), Devin Sweetney (Overseas Basketball), and Donnie Miles, Jr. (University of North Carolina).

Daryl Davis’ Instagram (@darylashimself) followers include JuJu Smith-Schuster (Pittsburgh Steelers), Tyler Boyd (Cincinnati Bengals), Terence Garvin (Seattle Seahawks), Adairius Barnes (Detroit Lions), Derek Rivers (New England Patriots), Tahir Whitehead (Detroit Lions), and Naz Jones (Seattle Seahawks).

 

Chase Carlson is a Miami-based attorney. A significant portion of his practice is dedicated to representing professional athletes and entertainers who are victims of investment fraud or mismanagement.

Follow @ChaseACarlson on Twitter

 

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