Former NBA player sentenced to over 6 years in prison in bank fraud case

[News_Editor]

Former NBA player sentenced to over 6 years in prison in bank fraud case

2011-01-08 08:07:02 GMT+7 (ICT)

DES MOINES, IOWA (BNO NEWS) -- Rumeal Robinson, a former U.S. professional basketball player, on Friday was sentenced to over six years in prison in a bank fraud case.

Robinson, 44, was convicted for the crimes of bank bribery, wire fraud, conspiracy to commit bank fraud, and making a false statement to a financial institution. He was found guilty of these charges by an Iowa court last September.

During trial, it was established that the former NBA player paid a $100,000 kickback to a Community State Bank loan officer in exchange for receiving a large loan as he attempted to become a property developer in his native Jamaica following his basketball retirement.

In addition, Robinson also submitted a fraudulent tax return to the bank in an attempt to qualify for loans, recruited straw borrowers to take out loans that were actually intended for him, and used “business†loan proceeds to fund his lavish personal lifestyle.

Overall, more than $1.3 million in loans were made from the bank to Robinson or for his benefit. Robinson never repaid the loans and spent a large amount of them on cars, motorcycles, strip clubs, clothes, a condominium, and other personal expenses.

As a result, Robinson caused substantial loss to the Community State Bank, forced two people to file for bankruptcy, and his mother lost the home she had lived in for over 30 years.

The judge also concluded that he had lied under oath during a 2007 civil deposition relating to the loans. Robinson was arrested on December 21, 2010, due to his failure to appear for sentencing hearings twice.

The former NBA player was sentenced to 78 months in prison followed by 5 years of supervised release. He was also ordered to pay restitution of $1,184,615 and a special assessment of $1,100 to the Crime Victims Fund.

Robinson was born in Jamaica and is a U.S. citizen who grew up in Cambridge, Massachusetts. He was a professional basketball guard who initially played college basketball for the University of Michigan.

Then, he spent the next eight years playing in the National Basketball Association (NBA) for six teams including the Atlanta Hawks, Portland Trail Blazers and his last team Los Angeles Lakers.

His last stint as a professional player was with the KK Zadar, a Croatian professional basketball team during the 2001-2002 European season. He retired after leading his team the playoffs of national championship.

-- © BNO News All rights reserved 2011-01-08

[asiawatcher]

Deserves all he gets.