Advisor for NBA Players Union Is Sentenced For Forging Contract

Posted on June 20th, 2014 at 9:00 AM

From the Desk of Jim Eccleston at Eccleston Law Offices:

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.

The attorneys of Eccleston Law Offices represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 50 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags:

Return to Archive

TESTIMONIALS

Previous
Next

If you are being bothered by the Regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.

August 10, 2022
UBS Wealth Group’s Legal Costs Skyrocket in Q2

UBS Wealth’s litigation expenses have substantially spiked in the second quarter as the firm has faced a host of investor complaints and regulatory probes into UBS’ volatile Yield Enhancement Strategy (YES).

August 9, 2022
UBS Wealth Relying on Lending as Client Assets Dip

UBS Wealth Management is relying on loan growth and increasing interest rates amidst a quarter that the company has categorized as “one of the most challenging periods for investors in the last 10 years”, according to UBS CEO Ralph Hamers.