Feds: Adviser tried to defraud NBA players union
NYC Feds: Financial adviser faked signatures to take $3M from NBA Players Association
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.
