Legal News

Former NBA player Rumeal Robinson guilty of fraud

By (Breaking Legal News)

Rumeal Robinson, who led Michigan to the NCAA championship in 1989, has been found guilty on 11 federal financial fraud charges.

A jury returned its verdict against Robinson on Wednesday, finding him guilty of bank bribery, wire fraud, conspiracy to commit bank fraud and making a false statement to a financial institution.

The U.S. attorney's office says Robinson schemed between 2004 and 2005 to borrow more than $700,000 from Community State Bank in Ankeny with the help a loan officer at the bank. Prosecutors say Robinson claimed to borrow the money for a business but actually bought a condominium, cars, furniture and invested in an energy company.

Robinson, who grew up in Cambridge, Mass., faces up to 30 years in prison and a $1 million fine on each count. After playing for Michigan, Robinson spent six seasons in the NBA.

Full post as published by Breaking Legal News on September 10, 2010 (boomark / email).