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Sergei Fedorov’s former financial manager indicted for fraud

Sep 6, 2013, 1:40 PM EDT

Sergei Fedorov Getty Images

From The Detroit News:

Sergei Fedorov’s financial manager, who allegedly swindled the former Red Wings star out of $43 million, was indicted this week by a federal grand jury in connection with a fraud scheme involving phony Saudi Arabian oil deals.

Instead of investing the money, Grosse Pointe Shores resident Joseph Zada allegedly spent more than $20 million bankrolling a lavish lifestyle, including extravagant parties, luxury vehicles and homes in Florida and Michigan, according to the indictment.

Fedorov, 43, was not the only who was allegedly wronged by Zada. There were apparently “more than 20 people who invested,” according to the indictment.

“It’s been a trying and difficult ordeal that Joe Zada put him through but right now I’d say he is doing well,” Fedorov’s lawyer, Brendan Frey, told the newspaper today. “He is glad to see Joe finally indicted.”

  1. amityvillefun - Sep 6, 2013 at 1:45 PM

    One of my favorite players of all time! #91 was amazing in his prime!
    Wait a minute…that rhymes! Maybe Zada will see some jail time?

    • rodeoclowndc - Sep 6, 2013 at 2:40 PM
    • missthemexpos - Sep 6, 2013 at 2:49 PM

      Some might say that Zada is slime, and your great poem is worth a dime.

  2. rodeoclowndc - Sep 6, 2013 at 2:40 PM

    (cue thunderous applause)

  3. handsofsweed - Sep 6, 2013 at 7:25 PM

    “Up your ass, Joey Zada.”

  4. alswingman - Sep 6, 2013 at 9:30 PM

    Sorry, but how do you not know you are being taken for 43 million? I’m no expert in finances but I do know the only person I would trust with 43 million is me. You just hand it over, look at the financial statements every month and assume all that money is accruing? Well, I do hope Federov is not broke because he’ll never recoup the losses.

    • cheliostwin - Sep 6, 2013 at 11:49 PM

      Perhaps his being Russian had something to do with it. Growing up he wouldn’t have learned that much about Capitalism, so he wouldn’t get as suspicious as an American. And the guy reportedly supplied Federov with detailed reports and account statements, how was Federov to know they were all fake?

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