Investment Firm Founder Pleads Guilty To Fraud

The founder of an Ohio investment firm that handled the National Basketball Association players union's investments and finances has pleaded guilty to fraud charges. 72-year-old Joseph Lombardo of Prim Capital Corporation allegedly used a stamp to forge the signature of a deceased union general counsel and another employee on a document that awarded Prim a 3 million dollar fee over five years. Sentencing is scheduled for March of next year. The trial of Prim principle Carolyn Kaufman begins next month. She has pleaded not guilty to obstruction of justice.