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Report: Federal investigators probing alleged $18 million scam involving NFL and NBA players

Pistons guard Brandon Knight is among several athletes alleged to buy fraudulent promissory notes from Success Trade.  (B. Sevald/Einstein/NBA/Getty Images) Pistons guard Brandon Knight is among several athletes alleged to buy fraudulent promissory notes from Success Trade. (B. Sevald/Einstein/NBA/Getty Images)

Federal investigators are looking to talk to multiple NFL and NBA players concerned that they may have been ensnared in an $18 million investment scheme, reports Yahoo! Sports.

The U.S. Department of Justice, the Federal Bureau of Investigation and the U.S. Securities and Exchange Commission are heading up the investigation saying that Jade Management had more than 30 athletes who purchased high interest investments. Those investments are thought to be fraudulent.

Jade Management previously managed finances for professional athletes and had investment ties to Success Trade, according to the report. That firm has come under scrutiny lately from the Financial Industry Regulatory Authority (FINRA). Some of those investments purportedly generated interest returns between 11 and 26 percent.

From Yahoo! Sports:

During an 18-month investigation, Yahoo! Sports identified multiple athletes that purchased promissory notes from Success Trade. Among them were Detroit Pistons guard Brandon Knight, Cleveland Browns cornerback Joe Haden, San Francisco 49ers tight end Vernon Davis, former Washington Redskins running back Clinton Portis and former Chicago Bears defensive end Adewale Ogunleye.

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