Feds: Adviser tried to defraud NBA players union
April 25, 2013
NEW YORK (AP) - The founder of an investment firm that handled the National Basketball Players Association's investments and finances has been charged with fraud.
Federal prosecutors in New York unveiled a three-count complaint Thursday against Ohio-based Prim Capital Corporation founder Joseph Lombardo.
The 72-year-old was charged with attempted wire fraud, attempted mail fraud and obstruction of justice. Prim principle Carolyn Kaufman was charged with obstructing justice.
Authorities say Lombardo used a signature stamp to forge the signature of a deceased general counsel for the NBPA and another employee that awarded Prim a $3 million fee over five years.
Authorities say the two also lied to a grand jury. Their next court date is May 2.
Both were arrested in Ohio. Messages left for an attorney and at Prim's headquarters were not immediately returned.
Copyright 2016 by STATS LLC and Associated Press.
Any commercial use or distribution without the express written
consent of STATS LLC and Associated Press is strictly prohibited.
8-4 L12, 34-15 Run, +1,594 TY
9-4 L6 Days, 7-2 L9 Guarantees
4-1 L5 G-Plays, +1,343 This Year
11-2 L13 G-Plays, 12-4 L16 Picks
6-2 L8 Picks, 12-4 L16 G-Plays
6-1 Last 7 NBA Selections
With a VI Gold Membership, you can SAVE 10%
off a Live Odds subscription, SAVE 20%
off Daily Pick packages, and receive access to up to 1,000
Member Plays each month!