Bobcats minority owners convicted of fraud

The Charlotte Observer (Rick Bonnell) reports: A part-owner of the Charlotte Bobcats has been convicted of felony fraud in South Florida and sentenced to nine years in prison. Brothers Jorge and Carlos de Cespedes were given the maximum sentence, after an investigation of their pharmaceuticals company bilking Kendall Regional Medical Center. According to the Miami Herald, the hospital lost $5 million over 14 years because of this scheme… A source with knowledge of the Bobcats’ structure said the de Cespedes brothers originally paid $10 million to $12 million to purchase roughly 3 percent of the team. That percentage likely dissipated over time unless they participated in cash calls to cover revenue deficits.

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