Dec 23, 2009 at 02:31 PM
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S.E.C. Sues Heisman Sponsor, Triton

Investment firm, Triton Financial, which is a Heisman Trophy co-sponsor and title sponsor of the PGA Champions Tour stop in Austin, has been sued by the S.E.C. for allegedly defrauding investors.

Triton, which is accused of misusing funds in an insurance venture, employed many former NFL players in an effort to expand into athlete services.

The Dallas Morning News writes:

Chief executive Kurt Barton and Austin-based Triton misused funds raised to buy and overhaul insurance firms, the U.S. Securities and Exchange Commission said in documents filed Tuesday in Austin.

Triton's involvement in sports sponsorship stretched from the Heisman Winners Association to the PGA:

Triton bought Dallas-based Sports Group in June 2007 to expand its professional athlete services. Sports Group managed the Heisman Winners Association on the idea that Heisman Trophy winners, awarded to the best college football players, were undermarketed. Sports Group's Dallas phone line has been disconnected.

Triton has employed Heisman Trophy winners including Chris Weinke, the Florida State quarterback honored in 2000, as well as former NFL quarterback Jeff Blake, to help solicit professional athletes, according to statements on its Web site last week that were later removed. In June, Triton hosted a Champions Tour golf event that featured Heisman winners in a charity competition.