Reebok founder claims longtime investment adviser and friend ran off with $25M

Reebok founder Paul Fireman is suing his longtime friend, investment adviser and accountant, claiming he stole $25 million from him and a charity.

The adviser, Arnold Mullen, apparently had access to accounts belonging to the Reebok founder and his charitable foundation. But Mr. Fireman has accused Mr. Mullen of unlawfully making investments without his approval.

Authorities in Florida have also charged Mr. Mullen with five counts of grand theft.

The Palm Beach Post reports that the Reebok founder hired the adviser and accountant in 1985. Mullen was paid more than $800,000 a year — plus bonuses.

An attorney working for Mr. Fireman told the Boston Herald that he has frozen several Fidelity accounts in Mr. Mullen’s name. He told the paper the next step is to get a judgment against Mr. Mullen and his wife and son and seize whatever assets they don’t turn over voluntarily.

An affidavit by James Born, a special agent with the Florida Department of Law Enforcement, reportedly states that Mr. Mullen admitted in two separate interviews to taking “money without Paul Fireman’s knowledge for his personal use.”

Authorities claim the 62-year-old Mr. Mullen not only stole money from the Reebok chairman, but his charitable foundation for the homeless

Mr. Mullen, who was released on his own recognizance, has been placed under house arrest with a monitoring device.

[The Associated Press contributed to this article.]