Considered to be a “young financial god” after financing initial public offerings for ShopNow.com and VerticalNet during the 1990s, Silicon Valley VC William “Boots” Del Biaggio III faces SEC charges that he used forged documents to borrow $100 million.
He used the money to buy the National Hockey League’s Nashville Predators, stoke his gambling habit and generally live large, says the SEC.
Despite the large sums of money, Del Baggio’s scheme’s weren’t particularly sophisticated, according to the New York Times.
An SEC investigator told the Times: “It’s shocking in some ways that he was able to get $45 million in loans from a fairly simplistic fraud.”
Del Biaggio’s agreed Thursday to a ban from serving as an investment advisor.