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Two charged in $2.2M scheme against Colts' Freeney

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A financial adviser for Indianapolis Colts defensive end Dwight Freeney and the adviser's lover have been arrested on federal wire fraud charges that allege they swindled about $2.2 million from the lineman.

Eva Weinberg, 48, of Los Angeles, and Michael Stern, 51, of Miami, were arrested last week by FBI agents who believe the couple were trying to flee the United States.

Stern appeared in a Miami courtroom Wednesday and will be extradited in the coming weeks to California, where he and Weinberg face charges.

"Mr. Stern denies he violated the law and it's his position he and Ms. Weinberg didn't steal any money from Mr. Freeney," said Stern's attorney, Henry Bell.

Weinberg has posted $225,000 bond. A phone message left for her attorney, Mark Byrne, was not immediately returned. Freeney was not available for comment, his publicist said.

An FBI affidavit only identified Freeney by his initials, but Bell confirmed that the perennial Pro Bowler was the purported victim.

Weinberg worked as Freeney's financial adviser for the past two years after leaving Bank of America Corp.'s Merrill Lynch financial management division. She handled his personal finances, real estate investments and business dealings involving a Hollywood restaurant, Rolling Stone LA.

About $2.2 million was wired in nearly 140 separate transactions from Freeney's bank account by Weinberg to Arm's Reach Consulting, a company owned by Stern, between June 2010 and October 2011, authorities said. Freeney didn't approve the transfers and was unaware Stern was the recipient.

Stern told a confidential informant in recorded conversations that the money transferred to him by Weinberg was to be used to pay his bills and personal expenses, according to the affidavit. He also said $1.5 million was going to be put toward buying a private jet, court records show.

The informant also told investigators that Stern intended to flee the U.S., possibly to the Bahamas, Trinidad or Israel, and had plans to travel to Los Angeles to get Weinberg before she was arrested.

Freeney, 32, has recorded 102-1/2 sacks in his 10-year professional career and is scheduled to make a base salary of $14 million in 2012.

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  1. What became of this project? Anyone know?

  2. Scott, could you post an enlarged photo of the exterior of the building? This will be a great addition to Walnut Street. This area will only continue to develop with additions like this. Also, please give us more updates on the "Cultural Trail light" expansion. Also a great move for the city, as long as there is maintenance money set aside.

  3. Great story IBJ! Citizens don't have a real sense of the financial magnitude of supporting Indy's sports and tourism sector. The CIB was a brilliant idea for creating a highly integrated public-private partnership to support this sector from the economic activity it generates. Unfortunately, most folks think the benefits of that economic activity accrue directly to the City budget, and it doesn't. So though the CIB is facing lean times (covering its costs while maintaining minimally acceptable reserves), the City is operating with deficit - less tax revenue than expenses each year - with a very fragile reserve balance. That's why it's so challenging for the City to fund basic needs or new intitatives (e.g. pre-k education; new jail), and some credit rating agencies have downgraded Indy from it's past stellar AAA status. More reporting on City finances would be welcomed.

  4. Sure, I'll admit that it bugs me to see that the IBJ.COM censors it's blog posts almost as much as the D of I does when someone points out the falsehoods and fabrications. _____But I think it bothers me almost as much that Captain/Defender/Disciple get his yanked too. You see, those of us with a sense of integrity, humanity, compassion, and a need for fact based opinion WANT to see all of his screeds posted. It makes our point so much better than we can do it ourselves.

  5. We're conflating two very different topics. Voter fraud is a myth and excessive gun violence is all too real. I just hope rational gunowners decide to stop being shouted down by the, well, let's call them "less rational" ones.

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