William "Boots" Del Biaggio--Crook Alert!!

"Boots" Del Biaggio III

William "Boots" Del Biaggio Charged with Fraud

Former Silicon Valley venture capitalist and owner of the Nashville Predators (great choice of name for his team!) hockey team charged with stealing $25 million from investors and using it to pay off gambling debts and maintain his lavish lifestyle and McMansion in San Jose.

Is Mr. Del Biaggio going to jail? Very possibly. He faces a civil injunctive action of securities fraud by the S.E.C. Federal prosecutors filed a single criminal charge of falsifying documents to obtain $100 million in loans. Del Biaggio agreed Thursday to be barred permanenetly from serving as an investment adviser, according to Michael Dicke, associate regional director for enforcement of the S.E.C. in San Francisco.

The complaint said that since 2003 Del Biaggio has misappropriated $19 million from individual investors and used the money "as his personal checkbook."

In May Del Biaggio resigned as a general partner of Sand Hill Capital, a venture debt firm that he founded in Menlo Park, California. In June he filed for bankruptcy protection.

Del Biaggio is the co-founder, along with his father, of the Heritage Bank of Commerce in San Jose.

According to the S.E.C. complaint a friend at a San Francisco brokerage helped "Boots" carry out the scheme by sending him clients account statements which "Boots" doctored, replacing the clients' names and adddresses with his own.

It was interesting to see how easy it was for him to get all these fraudulent loans, Mr. Dicke said. "It's shocking in some ways that he was able to get $45 million in loans from a fairly simplistic fraud."

Mr. Del Biaggio faces imprisonment and fines. "We want the money to get back to the victims," Mr. Dicke said.

Based on NY Times article by Claire Cain Miller 12-05-08

Comments 3 comments

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ColdWarBaby 8 years ago

Now all we need to do is charge the rest of the Wall Street Gang with similar crimes and put them all behind bars for the rest of their lives.

Oh, wait. I forgot. What we're actually doing is handing them an additional 2.5 trillion$ of tax payers money so they won't have to suffer undue inconvenience from the financial collapse they caused.

Nice work on this Ralph. Maybe it's a vision of things to come?

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Ralph Deeds 8 years ago Author

Tnx for the comment. I'll be watching to see whether he actually does any time.

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Ralph Deeds 3 years ago Author

"Boots" Del Biaggio Sentenced to 8 years

NHL Team Owner Gets 8-Year Prison Sentence - Bankruptcy Beat - WSJ

William “Boots” Del Biaggio III was sentenced to eight-plus years in prison for bilking investors and banks out of millions of dollars to buy a stake in the Nashville Predators.

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