The Securities and Exchange Commission on Thursday filed suit against Nashville Predators co-owner William “Boots” Del Biaggio, accusing the Silicon Valley venture capitalist of two frauds totaling $65 million.
In its complaint, the SEC says Del Biaggio pledged customers’ assets as collateral for more than $45 million in loans – $25 million of which he used to buy his 27 percent in the Predators.
The SEC also accuses Del Biaggio – who has filed for bankruptcy – of diverting more than $19 million earmarked for three of his investment funds and using the money to buy stock he then also pledged as collateral for personal loans.
The SEC says Del Biaggio has agreed to settle the allegations against him without admitting or denying guilt. He also agreed to pay penalties that will be assessed later in court.
Separately, the U.S. Attorney's Office for the Northern District of California also has filed criminal charges based on the SEC complaint.
To access the SEC’s suit, click here.
Office of the U.S. Attorney, Northern District of California |
Securities and Exchange Commission |
Sand Hill Capital |
Nashville Predators LLC |
William J. 'Boots' Del Biaggio III |
Criminal prosecutions: White-collar offenses |
Governmental investigations |
Nashville professional sports |
Finance and Ventures
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