Brown Field Investment

Refurbishing an existing factory to repurpose it for a new use (as opposed to building a new factory from scratch).

Frankie was a con artist who preyed on ex-athletes. Knowing that former NFL great, Jim Brown, had taken a large pension (and severe brain trauma) away from his playing days, Frankie targeted him. Frankie approached Jim with a document entitled “Brown Field Investment,” telling him that he needed $5 million to build a new football field for a prestigious private youth academy in Cleveland.

Without reading the document, Jim agreed to support the kids by investing in the project, and signed over the $5 million. Meanwhile, Frankie actually used the money to finance the conversion of a steel fabrication plant into a shared workspace for the Browns, Cavaliers, and Indians franchises’ social media departments, charging them a combined lease of $500K per year.