President of the NFLPA
Vincent was president of the
NFL Players Association. Vincent's term as President of the NFLPA expired on March 18, 2008 and he was replaced by
Kevin Mawae. On February 26, 2009 the Players Association announced that they were investigating whether during his tenure as president Vincent disclosed confidential personal and financial information about a number of player agents. It is alleged that Vincent emailed this information to his longtime business partner Mark Magnum for the benefit of a financial services firm co-owned by the two men.
On March 12, 2009, the Associated Press published an article detailing the results of an exhaustive investigative report into the allegations. In various Internet and media reports, the former NFLPA president had been accused of being a shady businessman who has suffered numerous failed insurance and financial services businesses. Moreover, in what potentially is the most damaging allegation to his candidacy, a Feb. 25 report on SI.com quoted an anonymous source who alleged that Vincent leaked confidential NFLPA information on player agents to his business partner to recruit customers to their financial services business.
The Associated Press reviewed public records, financial statements and other documents to investigate the most serious allegations regarding Vincent's background and businesses. Vincent also agreed to hours of questioning by the AP in which no subject was off limits.
The AP review found:
The New York Post, citing unnamed sources, reported on Feb. 10 that some NFLPA members were concerned that Vincent could be exposed to lawsuits in the future "stemming from his failed insurance, financial advisory and hedge-fund businesses."
A background check of Vincent's financial advisory firm, Eltekon, through the Financial Industry Regulatory Authority (FINRA) found no actions or disclosures against the firm or its employees. The AP's findings were made through an online search of FINRA's database and confirmed by phone by a FINRA executive.
FINRA is a private sector group, established by Congress and operated under the oversight of the Securities and Exchange Commission, that regulates the nation's 5,000 securities firms. Its database is updated daily by SEC and state regulators and monitors the nation's court systems. Even infractions such as a drunk driving arrest would be included, but there were none.
Six Eltekon companies in which Vincent is listed as a director are classified as "In Good Standing," according to Texas public records. Vincent's hedge-fund business was voluntarily dissolved and therefore has no tax responsibility in Texas, according to state records.
The AP uncovered no evidence to support the contention that Vincent, by forwarding an NFLPA e-mail to his business partner, used agents' personal information to build his financial services company. (http://sports.espn.go.com/espn/wire?id=3975050§ion=nfl)