Adviser admits to fraud in NBA players union case

The 72-year-old founder of a firm that handled the NBA players
union’s investments and finances has admitted to fraud.

Prosecutors say Joseph Lombardo, the founder of Ohio-based Prim
Capital Corporation, pleaded guilty in a Manhattan federal court
Thursday to mail fraud and conspiracy to obstruct justice.

Authorities say Lombardo used a stamp to forge the signature of
a deceased general counsel for the National Basketball Players
Association and another employee, a move that awarded Prim a $3
million fee over five years.

Lombardo faces up to 20 years in prison when he is sentenced
March 20. His lawyer says his client ”is a good man who made some
very poor decisions.”

Prim principal Carolyn Kaufman is charged with obstructing
justice and has pleaded not guilty. Her trial begins Dec. 2.