SEC v. William J. "Boots" Del Biaggio III

Criminal Complaint by SEC against Boots Del Biaggio III for defrauding investors

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The Securities and Exchange Commission filed today a civil injunctive action against Silicon Valley venture capitalist, William J. "Boots" Del Biaggio III, in federal district court in the Northern District of California alleging that he engaged in two distinct securities fraud schemes, defrauding investors, banks and private lenders out of $65 million. The complaint alleges that Del Biaggio used the funds to maintain a lavish lifestyle, which included buying an interest in a professional hockey team, satisfying substantial gambling debts, and paying expenses on his family's luxury home.

According to the complaint, Del Biaggio engaged in two distinct securities fraud schemes.

First, 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.

In the second scheme, Del Biaggio misappropriated more than $19 million from individual investors he advised.

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Reference Info:Federal, 9th Circuit, California | United States


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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