Advisor for NBA Players Union Is Sentenced For Forging Contract
Joseph Lombardo, an advisor from Ohio who managed investments for the NBA players union, was sentenced after he pleaded guilty to mail fraud.
Lombardo is the founder and CEO of Prime Capital Corporation. From 2001 to 2013, he was responsible for managing as much as $250 million in assets for the National Basketball Players Association (NBPA). He also reviewed the investments of individual NBA players and conducted financial seminars for NBA players, according to a contract signed by Gary Hall, former NBPA general counsel.
The criminal investigation revealed that Lombardo had tried to steal millions from the union and then tried to cover up the crime by creating an entirely fake agreement and asking others to lie for him under oath.
It also was revealed that Hall’s signature had been forged and that the contract actually was created at Lombardo’s firm after Hall’s death. The fake contract included a provision that it could not be canceled by the NBPA for any reason.
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