Financial adviser pleads guilty to fraud against NBA players’ union
Financial consultant Joseph Lombardo plead guilty to attempting to defraud the NBA players’ union of $3 million, reports John Caniglia of the Cleveland Plain Dealer.
Lombardo is the founder of Prim Capital, an investment advisory firm that handled the bulk of the NBPA’s investments and also reviewed the individual investments of NBA players. In April, Lombardo and his business partner Carolyn Kaufman were charged in connection with a forged contract in which the NBPA agreed to pay them $3 million over five years.
Sentencing guidelines call for the 72-year-old Lombardo to receive between 51 and 63 months in jail. Kaufman has plead not guilty to all charges and will be tried beginning Dec. 2.