Ducks Co-Owner Henry Samueli Pleads Guilty In Fraud Case
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Samueli Pleads Guilty To Felony Charge Of Lying
To SEC About Role In Accounting Scandal |
Broadcom co-Founder and Ducks co-Owner Henry Samueli yesterday in federal court in Santa Anita, California, pleaded guilty to a felony charge of "lying to regulators about his role in an alleged plot to secretly reward his Broadcom Corp. employees by manipulating stock options," according to Reckard & Goffard of the L.A. TIMES. Under a deal with prosecutors, Samueli pleaded guilty to making a false statement to the SEC. The government is "recommending five [years] probation and $12.2[M] in fines and penalties at sentencing," scheduled for August 18. Samueli's guilty plea "spares him jail time but complicates the legacy of one of Southern California's biggest philanthropists." His guilty plea "did not have any immediate bearing on his ownership of the Ducks, the team he purchased in 2005, or Anaheim Arena Management, which operates Honda Center." Ducks CEO Michael Schulman: "The Ducks and Anaheim Arena Management will not be commenting on this matter, except to say that [yesterday's] events will not affect Henry Samueli's role with the team or arena." According to NHL bylaws, the league can "assume control of a club whose owner is convicted of a crime." That last happened in '02 when Adelphia Communications Chair John Rigas, "facing fraud charges involving his family's firm, Adelphia Corp., was forced to relinquish his ownership of the Buffalo Sabres" (L.A. TIMES, 6/24).
BAD WEEK FOR NHL: In Toronto, Rick Westhead writes, "Even the smug man in charge at NHL headquarters would surely agree last week was an especially bad one." NHL Commissioner Gary Bettman "admitted he had no clue that two of his closest NHL confidants" -- Kings co-Owner Philip Anschutz and Wild Owner Craig Leipold -- had lent Predators Minority Owner William "Boots" Del Biaggio a combined $17M to help him pay for a $25M stake in the Predators. However, Samueli "beat Del Biaggio to the punch by pleading guilty to lying to federal authorities," and Westhead writes will the NHL "force Samueli to sell the club? It's uncertain." But it will not be a "shock if the league sticks by Samueli instead of making what amounts to a no-brainer." There should be "no room in the ranks of NHL ownership for felons and perjurers -- even if they are philanthropists" (TORONTO STAR, 6/24).
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