The Controversies Brian Gray Left Behind at Leaf Trading Cards
On August 25, 2023, Brian Gray announced he was leaving Leaf Trading Cards, citing burnout and family priorities. The same week, Orange Mountain Capital — a newly formed Delaware corporation with no prior presence in the hobby — was announced as the company’s new leadership structure.
Delaware corporate records show Orange Mountain Capital was incorporated on August 24, 2023, one day before Gray’s public announcement.
The Timeline
Gray’s August 25 farewell tweet described a personal decision: “For the first time in the past year, I am tired. I need to create a margin in my life to focus on health, family, and all the things I love about life that were relegated to the back burner over these 3 decades.”
The tweet appears to have been deleted.
On November 15, 2023 — 82 days after Gray’s announcement — Orange Mountain Capital and Leaf issued a joint press release confirming the acquisition. New CEO Kevin O’Neil’s statement referenced Gray’s involvement: “I’d like to personally thank Brian Gray for his time and effort in assisting this transaction.”
Gray’s own statement in the release confirmed the sale: “The purchase of Leaf by a group focused on expanding and refining the incredible company we have built is exciting.”
The BGS Black Label Pattern
Gray’s departure came after nearly three decades running Leaf. During that time, the company faced multiple controversies.
One of the most documented involved Joe Clemons, a former Beckett Grading Services employee who worked at Leaf. In 2019, Blowout Forum users flagged Clemons’ BGS submissions showing statistically improbable Black Label rates — including one submission that yielded 13 Black Labels.
Gray defended Clemons and offered $25,000 to anyone who could prove bribery.
Two BGS employees, Derek Ficken and Jeromy Murray, were later subpoenaed in the Upper Deck v. Leaf antitrust lawsuit.
The NSCC Promo Scandal
In 2018, Leaf ran a promotional pack giveaway at the National Sports Collectors Convention in Cleveland. The packs contained 120 serial-numbered 1/1 cards from the 2018 Leaf Originals Metal ’48 set — the most valuable cards in the promotion.
Sports Card Radio documented that Clemons ended up with 43 of the 120 1/1 cards. A second Leaf employee, Adam Berk (eBay username: kingofswing97), sold 23 more.
Gray responded via email to SCR, stating that Clemons purchased remaining packs in an “arms-length transaction” after other dealers were offered the chance to buy. He later announced a company policy prohibiting employees from purchasing Leaf cards.
The NSCC promo issue was not Leaf’s only controversy under Gray’s leadership.
The Ari Lehman Forgery
On August 22, 2023 — three days before Gray’s farewell tweet — actor Ari Lehman (the original Jason Voorhees in Friday the 13th) posted on Facebook that his autographs in Leaf Pop Century cards were forged.
Leaf admitted the signatures were fake. In subsequent Facebook comments after his retirement announcement, Gray blamed a third-party vendor he referred to as “Josh.” Cardlines identified this as Josh Pankow, an autograph vendor.
When Leaf announced new leadership on August 28, 2023, the company named Josh Pankow as one of two Acting Vice Presidents.
Sports Card Radio reached out to Ari Lehman for comment. He did not respond.
The Ronaldinho Lawsuit
In December 2022, Ronaldinho’s attorneys sent Leaf a cease-and-desist letter. One day later, Leaf filed suit against Ronaldinho in the Eastern District of Texas (Case 4:22-cv-01051), alleging breach of contract.
On January 4, 2023, Ronaldinho and Drob Collectibles LLC filed a countersuit in the Southern District of New York (Case 1:23-cv-00063). The complaint alleged Leaf was selling cards with “counterfeit autographs of Ronaldinho” and fraudulent authentication stickers.
From the complaint: “At no point did Ronaldinho sign any Leaf cards or stickers.”
Ronaldinho’s attorney Taso Pardalis told Law360: “At no point during the relevant time period was there a legitimate licensing agreement between defendant and Ronaldinho.”
A magistrate judge’s February 2024 report recommended dismissing several of Ronaldinho’s counts. The Texas case remained pending as of early 2024.
The parties filed a stipulation of voluntary dismissal with prejudice against Leaf Trading Cards, LLC. Under Rule 41(a)(1)(A)(ii), the case was dismissed without costs. The terms of any settlement were not disclosed.
The Ronaldinho case was one of several legal disputes involving Leaf.
Other Litigation
In May 2022, Leaf sued Dallas Cowboys wide receiver CeeDee Lamb in Denton County, Texas, alleging he failed to complete autographs from a pre-draft signing contract. Gray announced the lawsuit on Twitter, calling it “the first ever lawsuit against an athlete in order to compel the completion of an autograph contract.”
Lamb fulfilled the contract within 24 hours of the news breaking.
From November 2017 to December 2021, Leaf was involved in litigation with Upper Deck. Leaf’s antitrust suit (Case 3:17-CV-3200, Northern District of Texas) alleged Upper Deck controlled over 90% of the NHL card market and used anticompetitive practices to block Leaf from distributors and photo licensing. The case settled on confidential terms.
Sports Card Radio was named as a witness in that litigation. After SCR published its investigation into the NSCC promo scandal, Leaf threatened legal action against the site.
Gray was at one point banned from attending the sports card industry summit held in Las Vegas.
Beyond legal battles, Leaf faced criticism for other business decisions.
Controversies
Leaf announced plans to include an Adolf Hitler autograph in its “Oval Office” product. The decision to profit from Hitler’s name and likeness drew criticism from collectors and the broader hobby community.
On April 6, 2020, Leaf Trading Cards LLC received a Paycheck Protection Program loan of $224,400. The loan was forgiven on November 5, 2020.
In February 2025, Gray spent over $20,000 during a single break with Backyard Breaks, days after the company’s owner took a hiatus following comments about young girls.
Backyard Beaks will be just fine
Former Leaf Trading Cards CEO spent over $20,000 during one break last night!
He’s been vocal that we should “forgive” Grant pic.twitter.com/nLkLovTTAw
— Sports Card News (@SportsCardNews) February 12, 2025
Orange Mountain Capital
Orange Mountain Capital was incorporated in Delaware on August 24, 2023 — the day before Gray’s departure announcement. The firm had no known prior business activity in the sports card industry.
The acquisition was publicly announced on November 15, 2023. Douglas Maxwell represented Orange Mountain Capital in the press release. No information about the firm’s ownership structure or Maxwell’s background in the industry was disclosed.
Kevin O’Neil, formerly Director of Hobby Sales at Topps, was named CEO. Josh Pankow and Gregg Kohn were named Acting Vice Presidents.
O’Neil resigned as CEO on August 23, 2024. Pankow and Kohn remain at Leaf.
What Happened After
Gray’s departure came three days after the Ari Lehman forgery admission, during an active federal lawsuit over Ronaldinho autographs, and years after the documented NSCC promo controversy.
Delaware corporate records show Orange Mountain Capital existed before Gray announced he was leaving. The acquisition was announced 82 days later. O’Neil thanked Gray for “assisting this transaction.” Gray described it as a “purchase.”
It remains a mystery who is behind Orange Mountain Capital and what their motives were for purchasing Leaf.
Sports Card Radio reached out to Brian Gray, Orange Mountain Capital principal Douglas Maxwell, Leaf President Josh Pankow, and Leaf VP Gregg Kohn for comment. None responded.
Written by
Grayson Bryce Thompson
Grayson writes about the sports card hobby — the money, the frauds, and the stories the industry doesn't want told. He's been collecting since the junk wax era and still has the boxes to prove it.
