Investment Scheme

By: Associated Press
By: Associated Press

Court records show Florida State University football coach Bobby Bowden lost $1.5 million investing in a scheme that used his son Steve and former University of Alabama quarterback Brian Burgdorf as sales agents.

In 1997, the elder Bowden invested in the Millennium Fund, which guaranteed a 14 percent return, according to records filed in federal court in Birmingham in 2000 by the Commodities Futures Trading Commission.

One of the Millennium Fund's Alabama sales agents, Financial Planning Alliance International, told Bobby Bowden and 13 other investors they would make money buying and selling commodities contracts.

The commission closed the Millennium Fund in 1998, and the operators were accused of pocketing $10.8 million from Bobby Bowden and the others.

Burgdorf, Steve Bowden and former Crimson Tide booster Logan Young solicited investors for the fund in 1997, according to a lawsuit filed against them and their firm, Bowden, Burgdorf & Young.

Steve Bowden's attorney, Mark White, said his client also is a victim and is cooperating with authorities, who are investigating the fund.

Attorneys for Burgdorf and Young said Sunday their clients thought the Millennium Fund offered a legitimate investment.


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