William “Boots” Del Biaggio III was a hockey team owner skating on thin ice. His insatiable desire to be a sports mogul caused him to commit a multimillion-dollar fraud.
Federal authorities accused Del Biaggio, a former Silicon Valley venture capitalist and part owner of the Nashville Predators hockey team, of defrauding investors and using the money to buy his $25 million stake in the professional sports team, according to The New York Times.
The Securities and Exchange Commission said in a complaint filed in Federal District Court that Del Biaggio, also known as Boots, also used the money to pay off gambling debts and maintain a lavish lifestyle and luxury home in San Jose, Calif.
He pleaded guilty to one charge of forging financial documents to obtain $110 million in loans from several banks and two NHL owners — Craig Leopold of the Minnesota Wild and Los Angeles Kings owner AEG.
In September, 2009, Del Biaggio was sentenced to more than eight years in prison.
Watch the complete story of "Boots" Del Biaggio on CNBC's American Greed, Wednesday, March 16 10p | 1a ET