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Del Biaggio Pleads Guilty To Fraud, Could Serve Eight Years
Published February 5, 2009
Former Predators investor William "Boots" Del Biaggio III yesterday "pleaded guilty to one count of securities fraud and admitted misusing millions he raised from investors," according to Bailey & Sulek of the SAN JOSE MERCURY NEWS. Del Biaggio on June 10 will be "sentenced to federal prison under a plea agreement that could give him more than eight years" in prison. Del Biaggio pleaded guilty to a fraud in which he "used phony collateral to obtain $48[M] in loans from banks and business associates, some of which went to buy a stake" in the Predators. In a written plea agreement, Del Biaggio also "admitted to separate schemes in which he misappropriated at least $20[M] from investors." A federal bankruptcy court is now "sorting out a mountain of claims from Del Biaggio's creditors, totaling more than" $500M. The plea agreement calls for Del Biaggio to "cooperate with authorities and the bankruptcy trustee, and includes a proposed formula that could send him to prison for roughly six to eight years" (SAN JOSE MERCURY NEWS, 2/5).