John C. Unitas Jr., son of the late Baltimore Colts quarterback, was accused of defrauding and helping to bankrupt the company that bore his father's name in a lawsuit filed yesterday on behalf of his father's widow, attorney and accountant in U.S. Bankruptcy Court in Baltimore.
The suit alleges that the son made himself the beneficiary of a $125,000 life insurance policy in the father's name unbeknownst to other trustees of Unitas Management Corp., which managed licensing and sports memorabilia deals for Unitas Sr. and other former athletes.
It seeks the return of roughly $60,000 from Unitas Jr. but said the plaintiffs do not have a full account of the money that is alleged to be missing.
"Clearly throughout 2001 and most probably continuing through 2002, both before and after the death of Johnny Unitas, [John Unitas Jr.] pillaged and ravaged the funds of [Unitas Management Corp.] for his own use and benefit," the document claimed.
Late yesterday, the 14-year-old corporation also sought the court's permission to reorganize under Chapter 11 of the U.S. Bankruptcy Code, said Alan Grochal, a bankruptcy attorney for Unitas Management.
An attorney for Unitas Jr. expressed dismay at the litigation but said he would not comment in detail until he had seen the complaint.
Suit alleges John Unitas Jr. defrauded father's company
The suit alleges that the son made himself the beneficiary of a $125,000 life insurance policy in the father's name unbeknownst to other trustees of Unitas Management Corp., which managed licensing and sports memorabilia deals for Unitas Sr. and other former athletes.
It seeks the return of roughly $60,000 from Unitas Jr. but said the plaintiffs do not have a full account of the money that is alleged to be missing.
"Clearly throughout 2001 and most probably continuing through 2002, both before and after the death of Johnny Unitas, [John Unitas Jr.] pillaged and ravaged the funds of [Unitas Management Corp.] for his own use and benefit," the document claimed.
Late yesterday, the 14-year-old corporation also sought the court's permission to reorganize under Chapter 11 of the U.S. Bankruptcy Code, said Alan Grochal, a bankruptcy attorney for Unitas Management.
An attorney for Unitas Jr. expressed dismay at the litigation but said he would not comment in detail until he had seen the complaint.
Suit alleges John Unitas Jr. defrauded father's company
