Businessman convicted after stealing $8 million from NBA players

Calvin Darden Jr. was found guilty of fraud, bank fraud, money laundering, and two conspiracy charges. He worked alongside disgraced former NBA agent Charles Briscoe, who pleaded guilty to his involvement in the case last year, as reported by ESPN.

Prosecutors revealed that Howard transferred $7 million t (£5.74 million/€6.58 million) to Darden, believing it was part of a deal to purchase the WNBA team, the Atlanta Dream, AP has reported from the court.

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According to AP, Parsons was also duped into investing in a fraudulent venture centered around the development of James Wiseman, the former No. 2 draft pick. Government attorneys plan to push for an 11- to 14-year prison sentence for Darden, who had been convicted in a separate multimillion-dollar fraud scheme in 2016.

During the two-week trial, jurors heard that Darden spent $6.1 million (£5.00 million/€5.73 million) of the former Lakers' star $7 million (£5.74 million/€6.58 million) on luxury purchases, including two cars (one a Lamborghini), $110,000 (£90,200/€103,400) on a piano, $90,000 (£73,800/€84,600) on watches, and part of a $3.7 million (£3.03 million/€3.48 million) home in Atlanta. Howard testified against Darden in court.

When asked if he received anything for his $7m investment, Howard – who was one of the NBA’s most dominant centers during his 18-year professional career – told prosecutors all he received was a "slap in the face", NBC Los Angeles reported.

Briscoe was sentenced to three months of home detention and three years of supervised release last November for one count of wire fraud.

This case is part of a broader series of charges and arrests initiated by the Southern District of New York. Next year, former Morgan Stanley financial advisor Darryl Cohen will stand trial for allegedly defrauding Boston Celtics star Jrue Holiday and others.

Cohen allegedly engaged in multiple fraudulent schemes, one of which involved convincing the players to purchase overpriced life insurance policies. He also misappropriated funds meant for charitable donations and investments, such as funding his son's basketball league and constructing athletic facilities at his home, as reported by CNBC.

Cohen, along with others like Briscoe and financial planner Brian Gilder, allegedly used the money for personal expenses.

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In total, Cohen is accused of stealing over $1 million (£820,000/€940,000) directly, with the broader conspiracy defrauding clients of around $13 million (£10.66 million/€12.2 million) from his famous clients, which also includes Chandler Parsons and Courtney Lee. These charges include conspiracy to commit wire fraud and investment advisor fraud, each carrying potential prison sentences.