Randy Couture, a UFC Hall of Famer, grew suspicious when he heard a fellow fighter being pitched an investment opportunity that seemed too good to be true. To investigate, Couture posed as an interested investor during a call with Eric McNeil, the fund operator behind The Onyx Reserve. This recorded conversation is now central to a Coffeezilla investigation examining McNeil’s claims about the fund’s performance, highlighting concerns over reported returns, trading logs, and a proposal offering Couture a commission for recruiting investors.
McNeil denies that Onyx was a Ponzi scheme, and no legal action has confirmed such allegations. Couture revealed that McNeil reached out to UFC fighter Dan Ige, who was considering how to invest his fight earnings. After consulting his own financial advisors and getting wary responses, Couture decided to question McNeil for more information instead of introducing him to others.
In the call, McNeil asserted that the fund’s strategy had yielded over a 101% gain that year and consistently returned above 100% annually for four straight years. He explained that the fund traded Bitcoin both long and short, claiming it was less risky than investing in the S&P 500—though these figures were his assertions and not independently verified. McNeil also offered Couture a 5% annual fee on any capital he helped bring in, meaning a potential $50,000 yearly payout for every million dollars referred.
When Couture inquired about legal oversight, McNeil mentioned that the fund’s paperwork had been reviewed by lawyers, adding a memorable line: “I don’t look good in orange, Randy. I look good in black.” While the conversation continued, Coffeezilla’s review focused on McNeil’s evidence backing the fund’s performance. McNeil claimed investors could review about 850 trades over four years, with data sourced from Binance and thoroughly examined.
Coffeezilla’s investigation found documents listing CPA David Rosenbaum as a reviewer, but in a recorded call, Rosenbaum said he was unaware of this and did not know anyone involved. The investigation also uncovered suspicious entries with identical opening and closing times showing profits as high as $40,000, which raised questions but did not conclusively explain what happened to investor funds. Initially, Couture’s team shared findings with Hindenburg Research; however, Hindenburg did not publish any conclusions before closing its review.
Coffeezilla later acquired the case file after noticing links between Onyx and Goliath Ventures. McNeil stated that Onyx itself did not execute trades but employed a fund-of-funds model, relying on performance data from external partners and no longer pursuing that strategy. He claimed investors were able to withdraw their money. Nonetheless, questions remain about who produced the trading records and whether these impressive returns can be independently verified.
Fan Take: This story matters to fight fans because it shows how athletes, often new to managing wealth, can be vulnerable to risky or shady investments. Greater transparency and caution in financial matters are essential to protect fighters’ futures and preserve the integrity of the sport.
Source: www.lowkickmma.com
