Prison Time For Ex-Advisor to Former Colts Standout

Posted: Updated:
(Image of Cory Redding courtesy of the Cory Redding Foundation.) (Image of Cory Redding courtesy of the Cory Redding Foundation.)

A California man has been sentenced to seven years in prison for stealing $4.7 million from former Indianapolis Colts player Cory Redding. Ray Cleveland, who was Redding's financial advisor for 10 years, was convicted on federal fraud and money laundering charges for an investment scheme that involved the retired NFL defensive lineman and others.

U.S. Attorney Josh Minkler's office says Cleveland conned Redding out of the money by describing the "success" of his so-called investment strategy that involved living off the interest of his purported investments and receiving the principal when he retired. In actuality, Cleveland was spending the money Redding entrusted him to invest on himself, his family and to cover supposed interest for other defrauded investors. Redding ended up playing an extra year in the NFL in hopes of earning back some of the money he found out Cleveland had stolen.

Minkler said "people should have confidence that those they entrust with their hard-earned money will treat them fairly and honestly. This defendant exploited that trust through lies and deception for purely personal gain. Today's sentence underscores that such egregious conduct cannot, and will not, be tolerated."

In addition to the prison time, Cleveland has been ordered to pay full restitution of $4,706,066.86. You can connect to more about the theft by clicking here.

  • Perspectives

    • How to Ensure Proper 401(k) Benefits Education

      From pay rate to wellness programs, there are many important areas that employers need to pay attention to regularly; however, there is one that is often forgotten — 401(k) benefits. A 401(k) plan provides employees with the opportunity to deduct a portion of their pay and use it as a contribution towards retirement. Properly saving for retirement is vital to ensuring a healthy lifestyle after an employee’s career comes to an end, but 50 percent of Americans claim to not...



Company Name:
Confirm Email:
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections


  • Most Popular Stories

    • Hoosier Schools Among 'Best Colleges in America'

      Nearly two dozen Hoosier institutions are included in MONEY magazine's rankings of the Best Colleges in America. More than 700 schools are on the list, which was determined by a number of factors in three categories, including quality of education, affordability, and outcomes.

    • I-69 Delays Causing More Bloomington Traffic Problems

      Construction to complete section 5 of I-69 will take longer than expected and will impact students returning to IU. The "substantial completion" date for the stretch of interstate was August 31, but INDOT officials now say despite an accelerated schedule of 16-hour work days and six-day work weeks, the work won't be done for several more weeks.  INDOT says the construction will pose challenges for drivers in and around Bloomington through the end of the ...

    • (Image courtesy of Inc.)

      Hoosier Companies Part of Inc. 5000

      An annual ranking of the fastest-growing private companies in the country includes 63 Hoosier businesses. Greenwood-based The Garrett Companies is again tops among Indiana companies on the Inc. 5000 list, breaking into the top 10 in the U.S. for the first time. Its number 10 national ranking is the highest for an Indiana-based business since 2016 when in Evansville placed fourth.

    • (Rendering of phase two of the Riverfront Fort Wayne project provided by the city of Fort Wayne.)

      Fort Wayne Riverfront Contract Pulled

      A proposed $2.5 million contract for the design work for the next two phases of the Riverfront Fort Wayne project has been pulled. Our partners at WPTA-TV report the Fort Wayne City Council withdrew the contract, which was set to go to Philadelphia-based DAVID RUBIN Land Collective.

    • Indy Airport Poised For Another Record Year

      A new report shows the Indianapolis International Airport is on pace to break last year's passenger traffic record. Through the first half of the year, the Indianapolis Airport Authority says passenger totals have risen 7 percent on the backs of record-breaking April, May and June traffic figures. In 2017, 8.77 million passengers flew through IND. In an interview with Inside INdiana Business, Executive Director Mario Rodriguez attributed the increases to...