Joe Zada, a longtime sponsor of equestrian events in Wellington, Fla., owes creditors and investors more than $75 million according to the Detroit Free Press. His debts include $4 million to U.S. Olympian Robert Dover, $4 million to equestrian Robert Ross and $43 million to Russian hockey star Sergei Fedorov.
Dover and Ross sued Zada in 2008. According to Palm Beach County (Fla.) court records he agreed to pay them, but neither have received payments from Zada.
Dufresne, Ross and Dover’s attorney, said, “Joe Zada appears to have a successful track record of getting people to trust him.”
On his website, DoversWorld.com, Dover discussed his financial problems with Zada. In September, Dover wrote, “The truth is coming out more and more with each day that passes, and justice ultimately will be done, though possibly not with the financial results that we who have lost so much wish.”
In an interview with the Detroit Free Press, Zada stated, “It is circumstances, certainly not my intent, that have kept me from keeping my obligations. I am absolutely confident in myself and resolution of my situation, and I will make right any legitimate debt that I do owe.”
ADVERTISEMENT
Zada created a website to counter allegations called www.zadaresponds.com.
The Federal Bureau of Investigation has subpoenaed Zada’s bank records and the U.S. Securities and Exchange Commission questioned Zada and his colleagues.
Fedorov is also expected to file lawsuit this week accusing Zada of embezzling money during the past 11 years. Zada denied trying to scam him Fedorov, but acknowledged that he never paid Fedorov the $60 million the two agreed on earlier this year.
Ron Davis, a documentary filmmaker has begun work on a film, Riches to Rags, about his relationship with Zada and how Zada allegedly ripped off his friends for millions of dollars. Davis estimates Zada owes him about $1.8 million, although he does not believe Zada set out to cheat him.
“I can’t believe in my heart of hearts he set out to do this,” Davis said. “Somewhere along the way something went wrong.”
