HoopsHype Joseph Lombardo rumors

November 17, 2013 Updates

The 72-year-old founder of a firm that handled the NBA players union's investments and finances has admitted to fraud. Prosecutors say Joseph Lombardo, the founder of Ohio-based Prim Capital Corporation, pleaded guilty in a Manhattan federal court Thursday to mail fraud and conspiracy to obstruct justice. Authorities say Lombardo used a stamp to forge the signature of a deceased general counsel for the National Basketball Players Association and another employee, a move that awarded Prim a $3 million fee over five years. ABC News

November 15, 2013 Updates

The 72-year-old founder of an investment firm that handled the National Basketball Players Association's investments and finances has admitted to fraud. Federal prosecutors say Ohio-based Prim Capital Corporation founder Joseph Lombardo pleaded guilty in a Manhattan federal court Thursday to mail fraud and conspiracy to obstruct 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. Lake Placid News

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