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Thu July 23, 2009
Ex-Red Wing Fedorov: Mich. man swiped $43M
DETROIT – Former Detroit Red Wing Sergei Fedorov says during the past 11 years he has been swindled out of $43 million by a Grosse Pointe Shores man entrusted to manage his money.
In a lawsuit obtained by the Detroit Free Press prior to an expected filing this morning in Wayne County Circuit Court, Fedorov accuses Joseph Zada of embezzlement and reneging on a promise to repay him.
The lawsuit says Zada, "acting in concert with others, intentionally lied to Fedorov" whenever he asked about the money.
Zada tells the Free Press he agreed to pay the former NHL star $60 million, but the money remains unpaid. He says "repayment is imminent" but denies trying to scam the 39-year-old Fedorov.
Zada says the money was a loan, not an investment.