Skip to main content

Main content
NBA news

Feds: Adviser tried to defraud NBA players union


Posted Apr 25, 2013 8:53 PM

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.

SEARCH NEWS
LATEST VIDEOS
photoPost-Scrimmage: David Blatt
Cavaliers Head Coach David Blatt talks to the media following Wednesday's Wine & Gold Scrimmage.
photoPost-Scrimmage: Kevin Love
Kevin Love addresses the media following the Cavaliers' Wine & Gold Scrimmage.
photoPost-Scrimmage: LeBron James
LeBron James addresses the media following the Cavaliers' Wine & Gold Scrimmage.
photoOpen Court Preview: Charles on C-Webb
Charles Barkley talks about what made Chris Webber a great player in the league.
photoOpen Court Preview: Makings of a Great Player
Shaq, Isiah and Kenny discuss what makes a great player.