Emmitt Smith sues former associate, alleges $500,000 investment fraud
Former Dallas Cowboys star and a business partner say funds were funneled from Traders Domain FX; associate Johnny Wimbrey denies claims and seeks to countersue
Emmitt Smith, the Pro Football Hall of Famer and former Dallas Cowboys running back, and a business partner have accused a longtime associate of helping to steer them into an investment scheme that cost them at least $500,000, according to a lawsuit filed in Dallas County Court.
The suit, filed in December 2024 by Smith and co-plaintiff Mark Page, alleges they were directed to invest $500,000 in Traders Domain FX, an entity that is being sued by the U.S. Commodity Futures Trading Commission. The plaintiffs contend the investment was part of a Ponzi-style operation in which funds solicited for leveraged or margined retail foreign exchange trades and related gold-U.S. dollar transactions were instead diverted to bank accounts controlled by defendants and misappropriated for other purposes. Smith and Page are seeking no less than $500,000 in damages, legal fees and other relief.
The lawsuit names Johnny Wimbrey, an author and motivational speaker described in court papers as a former associate and close family friend of Smith, among others. According to reporting in the Dallas Morning News and filings described by entertainment outlet TMZ, Smith and Page allege Wimbrey helped facilitate the investment and took part in conduct they characterize as fraud, unjust enrichment and conspiracy.
Wimbrey has denied the allegations in court filings and has sought the right to file a countersuit. In a proposed countersuit, Wimbrey alleges Smith "misrepresented to third parties that he had authority to act on behalf of Wimbrey and to use Wimbrey's name and reputation in connection with soliciting or pooling investments." Wimbrey asserts those alleged syndications created liability exposure, damaged his reputation and wrongfully tied him to transactions he did not authorize. He says he has suffered reputational harm, legal expenses and other financial losses, and is seeking unspecified damages.
Court documents indicate Wimbrey has moved to amend a previously dismissed lawsuit against Smith that dates to 2022, asserting in part that he was the party responsible for the investment losses. The filings described by media outlets reflect competing accounts of who solicited funds and how they were handled, and both sides are seeking remedies in the Dallas County civil courts.
Traders Domain FX is the subject of civil enforcement action by the Commodity Futures Trading Commission, which has alleged that certain defendants operated a scheme that raised money from investors under false pretenses. The present lawsuit by Smith and Page links the funds they provided to the entity named in the CFTC action and says the money was not used for the trading activities promised to investors.
Wimbrey, who markets himself as an author and speaker and whose website has displayed endorsements including from Smith, has denied wrongdoing in court papers. The competing filings underscore the often complex intersections of celebrity endorsements, private investment solicitations and regulatory enforcement when alleged fraud emerges.
Legal representatives for Smith, Page and Wimbrey did not immediately respond to requests for comment. Media outlets that first reported the dispute said they reached out to the parties. The civil litigation is ongoing, and the court will determine whether the plaintiffs have proven their allegations and what remedies, if any, are appropriate.