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Financier charged with fraud
Last Modified: Friday, December 5, 2008 at 5:33 a.m.
A once-high-flying Silicon Valley financier and former co-owner of the NHL's Nashville Predators was charged Thursday with allegedly bilking investors out of $65 million.
Prosecutors filed a single criminal charge against venture capitalist William "Boots" Del Biaggio III in San Francisco federal court on the same day that the Securities and Exchange Commission filed a related lawsuit seeking to recoup investors' money.
The criminal complaint and lawsuit allege Del Biaggio, 41, claimed to have bank accounts showing vast holdings that didn't belong to him. The San Jose resident is accused of using those bank statements to secure loans, $25 million of which he allegedly used to buy a stake in the Nashville Predators hockey team last year.
-- Press Democrat news services
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