SEC Files Civil Suit Against 'Boots'
As the economy contracts and layoffs abound everywhere, the plight of one man seems hardly worth talking about. But on Thursday, the Securities and Exchange Commission filed a civil complaint against William J. "Boots" Del Biaggio III alleging that he defrauded investors, banks and private lenders out of $65 million. According to the SEC complaint, Del Biaggio fraudulently pledged securities owned by innocent customers of a San Francisco-based broker dealer as collateral for more than $45 million in personal loans. The complaint states that Del Biaggio used $25 million of the loan proceeds to purchase an interest in the Nashville Predators professional hockey team, and used the rest
5 December 2008•1 min read
