National Basketball Association

Feds: Adviser tried to defraud NBA players union

Published Apr. 25, 2013 9:29 p.m. ET

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The founder of an investment firm that handled the National Basketball Players Association's investments and finances has been charged with fraud.

Federal prosecutors in New York unveiled a three-count complaint Thursday against Ohio-based Prim Capital Corporation founder Joseph Lombardo.

The 72-year-old was charged with attempted wire fraud, attempted mail fraud and obstruction of justice. Prim principle Carolyn Kaufman was charged with obstructing justice.

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

Authorities say the two also lied to a grand jury. Their next court date is May 2.

Both were arrested in Ohio. Messages left for an attorney and at Prim's headquarters were not immediately returned.

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