Wednesday, September 9, 2009

Hockey Owner to Pay $67.5M in Restitution

The San Francisco Chronicle reports that former co-owner of the San Jose Sharks, venture capitalist William "Boots" Del Biaggio III, 41, of San Jose must surrender Jan. 8 to begin serving a sentence of eight years and one month, U.S. District Judge Charles Breyer said at a hearing in San Francisco.

The judge also ordered Del Biaggio to pay $67.5 million in restitution.

Federal prosecutors said Del Biaggio defrauded numerous people to obtain and guarantee loans of about $100 million in connection with various ventures, including the purchase of a $25 million stake in the Nashville Predators of the National Hockey League.

Former Sharks co-owner gets 8 years for fraud

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