One of Emmitt Smith's former business associates has countersued the NFL legend ... claiming the ex-running back defrauded him.
Smith initially sued Johnny Wimbrey back in Dec. 2024 -- alleging he gave Wimbrey and several other defendants hundreds of thousands of dollars to invest ... but claims the funds were "misappropriated for other purposes."
This week, though, Wimbrey filed a counterclaim against Smith -- alleging the Dallas Cowboys great was actually the one who caused the financial losses.