NHL owner gets more than 8 years in prison

SAN FRANCISCO (AP)—A federal judge ontraded company’s share price has tumbled
Tuesday sentenced Silicon Valley financier Williambecause of his action, wiping out $43.4 million in market
“Boots” Del Biaggio III to more than eight years incapitalization.
prison for bilking investors and banks—including oneBreyer ordered his to pay back eight banks and the
he helped launch—out of millions of dollars in atwo NHL owners a combined $47.5 million. One of the
desperate attempt to buy a pro hockey team.victim banks is Heritage Bank of Commerce, which Del
The disgraced scion of a prominent San Jose family isBiaggio co-founded with his father nearly 20 years
to report to prison in January, capping a long fall for aago. The judge ordered Del Biaggio to pay the bank
former high roller who counted hockey great Mario$4.8 million.
Lemieux as a golfing buddy and who jetted on privateBesides the fraudulent loans, the Securities and
planes to Las Vegas, where he amassed a $4 millionExchange Commission has filed a lawsuit seeking to
gambling debt.recover roughly $20 million of individual investments the
Del Biaggio pleaded guilty to one charge of forgingagency accuses Del Biaggio of spending on personal
financial documents to obtain $110 million in loans fromexpenses. Three of those investors on Tuesday urged
several banks and two NHL owners—Craig Leopoldthe judge to mete out a lengthy prison
of the Minnesota Wild and Los Angeles Kings ownersentence,complaining that Del Biaggio squandered their
AEG.He used the money to purchase a controllingretirement funds and children’s education nest
interest in the Nashville Predators.eggs.
ADVERTISEMENTSeveral other victims, including childhood friends and
 longtime business associates, wrote the court with
Del Biaggio set his crime in motion by turning to Davidsimilar sentiments. Although those losses weren’t
Cacchione,a financially strapped stockbroker atincluded in the indictment, Breyer still ordered him to
Merriman Curhan Ford Group Inc. who owed him $2also pay back those victims.
million. wholesale nhl jerseysAccording to federalSAN FRANCISCO (AP)—A federal judge on
prosecutors and the SEC, Cacchione e-mailed hisTuesday sentenced Silicon Valley financier William
account statements from several wealthy Merriman“Boots” Del Biaggio III to more than eight years in
clients showing tens of millions of dollars worth ofprison for bilking investors and banks—including one
stock holdings.he helped launch—out of millions of dollars in a
He then doctored the account statements by cuttingdesperate attempt to buy a pro hockey team.
out the clients’ names and pasting in his own andThe disgraced scion of a prominent San Jose family is
presenting them to the banks and NHL owners asto report to prison in January, capping a long fall for a
collateral. Auditors examining Merriman’s booksformer high roller who counted hockey great Mario
uncovered the fraud last year.Lemieux as a golfing buddy and who jetted on private
SAN FRANCISCO (AP)—A federal judge onplanes to Las Vegas, where he amassed a $4 million
Tuesday sentenced Silicon Valley financier Williamgambling debt.
“Boots” Del Biaggio III to more than eight years inDel Biaggio pleaded guilty to one charge of forging
prison for bilking investors and banks—including onefinancial documents to obtain $110 million in loans from
he helped launch—out of millions of dollars in aseveral banks and two NHL owners—Craig Leopold
desperate attempt to buy a pro hockey team.of the Minnesota Wild and Los Angeles Kings owner
The disgraced scion of a prominent San Jose family isAEG.He used the money to purchase a controlling
to report to prison in January, capping a long fall for ainterest in the Nashville Predators.
former high roller who counted hockey great MarioADVERTISEMENT
Lemieux as a golfing buddy and who jetted on private 
planes to Las Vegas, where he amassed a $4 millionDel Biaggio set his crime in motion by turning to David
gambling debt.Cacchione,a financially strapped stockbroker at
Del Biaggio pleaded guilty to one charge of forgingMerriman Curhan Ford Group Inc. who owed him $2
financial documents to obtain $110 million in loans frommillion. wholesale nhl jerseysAccording to federal
several banks and two NHL owners—Craig Leopoldprosecutors and the SEC, Cacchione e-mailed his
of the Minnesota Wild and Los Angeles Kings owneraccount statements from several wealthy Merriman
AEG.He used the money to purchase a controllingclients showing tens of millions of dollars worth of
interest in the Nashville Predators.stock holdings.
ADVERTISEMENTHe then doctored the account statements by cutting
 out the clients’ names and pasting in his own and
Del Biaggio set his crime in motion by turning to Davidpresenting them to the banks and NHL owners as
Cacchione,a financially strapped stockbroker atcollateral. Auditors examining Merriman’s books
Merriman Curhan Ford Group Inc. who owed him $2uncovered the fraud last year. Cacchione has pleaded
million. wholesale nhl jerseysAccording to federalguilty to one fraud charge and is scheduled to be
prosecutors and the SEC, Cacchione e-mailed hissentenced Sept. 29.
account statements from several wealthy MerrimanHenry Tang, Merriman’s chief financial officer, on
clients showing tens of millions of dollars worth ofTuesday told U.S. District Court Judge Charles Breyer
stock holdings.that the scam cost the San Francisco-based company
He then doctored the account statements by cutting$10 million in legal fees and forced it reduce its staff
out the clients’ names and pasting in his own andfrom 188 employees to 85. Tang said the publicly
presenting them to the banks and NHL owners astraded company’s share price has tumbled
collateral. Auditors examining Merriman’s booksbecause of his action, wiping out $43.4 million in market
uncovered the fraud last year. Cacchione has pleadedcapitalization.
guilty to one fraud charge and is scheduled to beBreyer ordered his to pay back eight banks and the
sentenced Sept. 29.two NHL owners a combined $47.5 million. One of the
Henry Tang, Merriman’s chief financial officer, onvictim banks is Heritage Bank of Commerce, which Del
Tuesday told U.S. District Court Judge Charles BreyerBiaggio co-founded with his father nearly 20 years
that the scam cost the San Francisco-based companyago. The judge ordered Del Biaggio to pay the bank
$10 million in legal fees and forced it reduce its staff$4.8 million.
from 188 employees to 85. Tang said the publiclyBesides the fraudulent loans, the Securities and
traded company’s share price has tumbledExchange Commission has filed a lawsuit seeking to
because of his action, wiping out $43.4 million in marketrecover roughly $20 million of individual investments the
capitalization.agency accuses Del Biaggio of spending on personal
Breyer ordered his to pay back eight banks and theexpenses. Three of those investors on Tuesday urged
two NHL owners a combined $47.5 million. One of thethe judge to mete out a lengthy prison
victim banks is Heritage Bank of Commerce, which Delsentence,complaining that Del Biaggio squandered their
Biaggio co-founded with his father nearly 20 yearsretirement funds and children’s education nest
ago. The judge ordered Del Biaggio to pay the bankeggs.
$4.8 million.Several other victims, including childhood friends and
Besides the fraudulent loans, the Securities andlongtime business associates, wrote the court with
Exchange Commission has filed a lawsuit seeking tosimilar sentiments. Although those losses weren’t
recover roughly $20 million of individual investments theincluded in the indictment, Breyer still ordered him to
agency accuses Del Biaggio of spending on personalalso pay back those victims. In all, Del Biaggio has to
expenses. Three of those investors on Tuesday urgedrepay a total of $67.4 million.
the judge to mete out a lengthy prison“A betrayal of trust is an awful thing,” Breyer
sentence,complaining that Del Biaggio squandered theirsaid. “I don’t care if you can pay back
retirement funds and children’s education nesteverything—this will never leave you and that’s
eggs.the real punishment here.”
Several other victims, including childhood friends andBreyer said hiscooperation with investigators once his
longtime business associates, wrote the court withfraud was discovered spared him a longer prison
similar sentiments. Although those losses weren’tsentence of more than 10 years.
included in the indictment, Breyer still ordered him toHe filed for bankruptcy and many of his assets,
also pay back those victims. In all, Del Biaggio has toincluding his Nashville Predators stake, will be sold by
repay a total of $67.4 million.court order.
“A betrayal of trust is an awful thing,” BreyerOn Tuesday, while his weeping parents and friends
said. “I don’t care if you can pay backlooked on, He tearfully apologized and vowed to pay
everything—this will never leave you and that’sback everyone.
the real punishment here.”“I was blinded by pride and ego,” he said.
Breyer said hiscooperation with investigators once his“Everyone makes mistakes. I will come back from
fraud was discovered spared him a longer prisonthis and I refuse to let this define my life.”
sentence of more than 10 years. 
He filed for bankruptcy and many of his assets,In all, Del Biaggio has to repay a total of $67.4 million.
including his Nashville Predators stake, will be sold by 
court order.“A betrayal of trust is an awful thing,” Breyer
On Tuesday, while his weeping parents and friendssaid. “I don’t care if you can pay back
looked on, He tearfully apologized and vowed to payeverything—this will never leave you and that’s
back everyone.the real punishment here.”
“I was blinded by pride and ego,” he said.Breyer said hiscooperation with investigators once his
“Everyone makes mistakes. I will come back fromfraud was discovered spared him a longer prison
this and I refuse to let this define my life.”sentence of more than 10 years.
 He filed for bankruptcy and many of his assets,
Cacchione has pleaded guilty to one fraud charge andincluding his Nashville Predators stake, will be sold by
is scheduled to be sentenced Sept. 29.court order.
 On Tuesday, while his weeping parents and friends
Henry Tang, Merriman’s chief financial officer, onlooked on, He tearfully apologized and vowed to pay
Tuesday told U.S. District Court Judge Charles Breyerback everyone.
that the scam cost the San Francisco-based company“I was blinded by pride and ego,” he said.
$10 million in legal fees and forced it reduce its staff“Everyone makes mistakes. I will come back from
from 188 employees to 85. Tang said the publiclythis and I refuse to let this define my life.