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Offthepost (Generation II)
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Bosc Ulrich II
OTP Resident Historian
Joined: 18 Oct 2007
Posts: 3477
Location: Sweetest lid in the league
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 Posted: Mon Jun 02, 2008 10:24 am Post subject: Bootsie facing fraud lawsuit |
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http://www.mercurynews.com/valley/ci_9437000?nclick_check=1
| Quote: |
An investment firm is accusing San Jose socialite and investor William "Boots" Del Biaggio III of using false claims and bogus documents to scam it out of $3 million in a loan deal, according to a lawsuit filed this week in Santa Clara County Superior Court.
The lawsuit provides the first public details of alleged improper business dealings that have prompted a federal probe of Del Biaggio, a 40-year-old financier who until recently was a minority investor in the San Jose Sharks and late last year became a part-owner of the Nashville Predators.
Del Biaggio on Monday resigned from Sand Hill Capital, a Silicon Valley lending firm he co-founded in 1996. The lawsuit, filed Tuesday, does not target Sand Hill but names Del Biaggio, San Francisco investment bank Merriman Curhan Ford & Co., and Scott Cacchione, a Merriman managing director.
In the lawsuit, DGB Investments, a San Jose firm that provides loans to businesses, accuses Del Biaggio of orchestrating a $3 million loan in November 2007 through "a complete fraud," and then refusing to pay it back when confronted. The lawsuit contends Del Biaggio secured the DGB Investments loan by claiming he had millions of dollars in assets in a Merriman account, but "the truth was otherwise."
The suit says the $3.3 million account Del Biaggio used as security for the loan "never belonged to Del Biaggio in the first place." Rather, it was someone else's account "doctored to make believe that the account statement belonged to Del Biaggio" with the intention of getting DGB Investments to make a $3 million loan to Del Biaggio.
On May 15, after the loan was due, Del Biaggio "admitted that he had significant issues and would be unable to pay," the lawsuit says. |
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E.L.3000
Big in Japan
Joined: 18 Oct 2007
Posts: 1783
Location: Fuck tha MTL police
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| Posted: Mon Jun 02, 2008 11:17 am Post subject: |
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It's a rite of passage for NHL owners.
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It seems like you need to be a physics professor to choose the right TV. Luckily, I am one.
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Jyrki21
Rebel Sell + Moneyball = Life
Joined: 18 Oct 2007
Posts: 2018
Location: Ottawa, ON
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| Posted: Mon Jun 02, 2008 11:18 am Post subject: |
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I am shocked -- just shocked -- that there might be anything untoward about a businessman who calls himself "Boots" and bought into a franchise he claims he wants to 'make work' in Nashville while he has publicly tried to buy teams including that one and move them to his vacant arena in Kansas City.
Just shocked. Never could have seen it coming.
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saskhab
'03-'04 Goalie Profiles Coming Soon!
Joined: 17 Oct 2007
Posts: 3841
Location: Saskatoon!
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| Posted: Wed Jun 04, 2008 9:52 am Post subject: |
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http://mirtle.blogspot.com/2008/06/boots-faces-third-lawsuit.html
This new one directly involves the purchase of the Preds.
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"Oh my God. There she is. Lovely Sally Slater. I should speak to her. But what the hell can I say? Anything that doesn't mention that I masturbate over her memory is probably a good idea."
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Bosc Ulrich II
OTP Resident Historian
Joined: 18 Oct 2007
Posts: 3477
Location: Sweetest lid in the league
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| Posted: Wed Jun 04, 2008 10:03 am Post subject: |
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| saskhab wrote: |
http://mirtle.blogspot.com/2008/06/boots-faces-third-lawsuit.html
This new one directly involves the purchase of the Preds. |
Night of Fart's Delight? Awesome 
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Jyrki21
Rebel Sell + Moneyball = Life
Joined: 18 Oct 2007
Posts: 2018
Location: Ottawa, ON
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| Posted: Wed Jun 04, 2008 10:08 am Post subject: |
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A post on Tom Benjamin's blog from a business associate:
| 'Boots' Buddy' wrote: |
This Boots business does not surprise me. My immediate thought was "What took so long?'
Allow me to provide some insight into the true nature of Boots Del Biaggio. I have known this guy for over twenty years and I have NEVER met a more self-aggrandizing, light weight in my life. From my perspective, everything he has done in the past 20+ years has been to further his own personal agenda.
Boots traded on his father's modest, well-deserved business success to portray himself as a player in the banking and finance world. Keep in mind that he was selling office equipment about the time his father sold the family beer distributorship. Six months later Boots was the founder and director of a bank. He had dad, Lon Normandin, Bob Gionfriddo and a few other family friends to thank for that. The truth is Boots knew nothing about banking but had plenty of enablers willing to perpetuate the charade.
Heritage Bank professionals eventually pushed him out of active involvement because he was clueless. Boots was evidently disappointed with Heritage Bank's 'sluggish profits'. That says a lot. Banks are in the 'low risk, low return' business. Margins are always thin, and a young, small community bank is not expected to make big profits. Boots did not have the tenacity or commitment to learn a craft. Community bankers were beneath him. He wanted more... and fast.
Sand Hill Capital was Boots' effort to become a big star in Silicon Valley finance. Clearly his objective was to parlay an unremarkable, short-term career in community banking into tech sector high finance. The problem was that he now was in even deeper water than before. He was not well-connected in the technology industries and out of his depth. No MBA, no experience... and no established Sand Hill Road firm would ever consider hiring him. So he cobbled together a few fringe players and started his own firm. Pure hubris. Predictably he made a mess of things and again left day-to-day operations to the people that had some understanding of the finance world.
The whole hockey nonsense was a real mystery to me. What was Boots Del Biaggio doing investing in a hockey team in Nashville? His friends all thought it was great. I was convinced it was pure unadulterated ego-driven, ponzi-scheme BS. Upon reflection the hockey 'investment' is very consistent with Boots' previous activities. What better than to be a passive investor in a sports franchise 2000 miles away? As such, he is able to maintain his high-profile status as a society VIP and never have to do anything. The only challenge was how to pay for it.
A quick word on the charity activities. Bullshit. Boots was only interested in the photo ops and the fawning praise from his society friends, many of whom exhibit the same shallowness as he so willfully demonstrated. Boots is not a good guy; please disabuse yourself of that notion. The auctions and fund-raising were simply more opportunities for him to perpetuate this myth of self-importance. From a practical perspective he used these events to keep his pretty wife and himself busy.
Remember this key fact: For the last several years Boots has had no job nor any other professional responsibilities. Sure he could volunteer time and give money. He nothing else to do... and now we discover it wasn't his money.
The bottom line on Boots is that he has always felt entitled to the good life without making sacrifice. The Almaden house exemplifies this
so well. It is much larger and more opulent than the home his parents lived in for so many years. His parents are fine, hard-working and sincerely charitable people. With Boots it has been nothing but smoke and mirrors.
He never took the time to learn anything... except bank fraud. It seems he figured that out. |
Well, I can certainly see why Leipold preferred this buyer over Balsillie -- I mean, he has a cool, Wild-West nickname!
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