Saturday, January 31, 2009

forbes: the vc madoff- sand hill capital III

"William "Boots" Del Biaggio III was a wealthy and successful venture capitalist on the cusp of achieving his lifelong aspiration of owning a National Hockey League team. Then, just after he paid $25 million for sizable stake in the Nashville Predators, Del Biaggio's golden image was shattered. Banks sued the investor last June, claiming he bilked them out of millions of dollars. Federal prosecutors followed up in December with criminal charges alleging $100 million in fraud.

Thanks to media accounts--including the Midas List--documenting wealth and economic impact of enterprise-building venture investors, the designation "venture capitalist" conveys a sense of power, glamor and financial sophistication that few other occupations can match. So--no shock here--some venture capitalists and hucksters appropriating their titles have bilked unsophisticated investors out of millions of dollars in hard-earned savings."

1 comment:

Anonymous said...

hubba hubba hubba. . .