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FINANCIAL ARRESTS WORLDWIDE

Sunday, 7 December 2008

Venture capitalist William "Boots" Del Biaggio III, 41, of San Jose is facing both civil and criminal charges as a result of the alleged fraud.


Former co-owner of the San Jose Sharks hockey team has been charged in federal court with securities fraud for allegedly bilking investors of more than $100 million in a series of schemes to help buy a stake in the NHL's Nashville Predators and to pay off gambling debts.Venture capitalist William "Boots" Del Biaggio III, 41, of San Jose is facing both civil and criminal charges as a result of the alleged fraud. In addition to having once owned part of the Sharks, Del Biaggio co-founded San Jose's Heritage Bank of Commerce.In court documents filed Thursday in U.S. District Court in San Francisco, federal prosecutors said Del Biaggio defrauded numerous people to obtain and guarantee loans of about $100 million in connection with various ventures, including the purchase of a $25 million stake in the Predators.Del Biaggio improperly obtained and falsified brokerage account statements to give the appearance that he owned securities that he, in fact, did not own, authorities said. He then allegedly transmitted those falsified statements to lenders and guarantees and pledged the securities as collateral.In a statement, Del Biaggio's attorney, Eric MacMichael, said, "Mr. Del Biaggio is fully committed to continuing his efforts to cooperate with the investigation and to working in a responsible manner with all relevant authorities toward a satisfactory resolution of this matter."The Securities and Exchange Commission filed a separate civil complaint against Del Biaggio on Thursday.Del Biaggio defrauded investors and lenders, using the proceeds to "finance a luxurious lifestyle" and as a "personal checkbook to pay home mortgage and decorating expenses, gambling debts, credit-card bills and other personal and unrelated business expenses," the complaint said.Without admitting guilt, Del Biaggio has agreed to a settlement under which a judge will determine "the amount of ill-gotten gains" and penalties, the SEC said

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Disclaimer: The statements and articles listed here, and any opinions, are those of the writers alone, and neither are opinions of nor reflect the views of this Blog. Aggregated content created by others is the sole responsibility of the writers and its accuracy and completeness are not endorsed or guaranteed. This goes for all those links, too: Blogs have no control over the information you access via such links, does not endorse that information, cannot guarantee the accuracy of the information provided or any analysis based thereon, and shall not be responsible for it or for the consequences of your use of that information.
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