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NEW YORK (AP) - The 72-year-old founder of a firm that handled the NBA players union's investments and finances has admitted to fraud.
Prosecutors say Joseph Lombardo, the founder of Ohio-based Prim Capital Corporation, pleaded guilty in a Manhattan federal court Thursday to mail fraud and conspiracy to obstruct justice.
Authorities say Lombardo used a stamp to forge the signature of a deceased general counsel for the National Basketball Players Association and another employee, a move that awarded Prim a $3 million fee over five years.
Lombardo faces up to 20 years in prison when he is sentenced March 20. His lawyer says his client "is a good man who made some very poor decisions."
Prim principal Carolyn Kaufman is charged with obstructing justice and has pleaded not guilty. Her trial begins Dec. 2.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
