Anaheim Ducks Owner Accused Of Fraud

John Rigas, facing bank, wire and securities fraud involving his family-owned firm, Adelphia Corp., was forced to relinquish his ownership of the Buffalo Sabres The club fell into bankruptcy until businessman Thomas Golisano bought the club.

Rigas was sentenced in 2005 to 15 years in federal prison.

The NHL was burned twice by owners of the New York Islanders. The league allowed John Spano to purchase the club for $165 million in 1996 and run it for more than six months before it became evident that he lacked the funds to satisfy his obligations. He later pleaded guilty to bank fraud and spent five years in jail.

Sanjay Kumar, a co-owner of the Islanders and executive of the software firm Computer Associates, was indicted for securities fraud, conspiracy and obstruction of justice in 2004 in connection with an accounting scandal. He was sentenced to 12 years in prison and ordered to pay $798.6 million in restitution. He sold his equity stake in the Islanders to his business partner, Charles Wang, who still owns the club.

Looking further back, longtime Toronto Maple Leafs owner Harold Ballard served a year in jail in the 1970s after being convicted of fraud for diverting money from the accounts of Maple Leaf Gardens to his own accounts.

And in the 1950s, a federal court dissolved the International Boxing Clubs owned by Chicago Blackhawks owner Arthur M. Wirtz and his business partner, James D. Norris, on the grounds the pair had taken a stranglehold on championship boxing bouts in the U.S.

Nice list, eh?

The NHL has an inglorious history of owners who had uncomfortable brushes with the law. Maybe because it has had so much practice and has learned to be cautious, the allegations made against Samueli Wednesday will not topple the Ducks or the league. 

Photo: From latimes.com via original article by Helene Elliott as reported May 15, 2008.

Link: http://www.latimes.com/sports/hockey/nhl/ducks/la-spw-ducks15-2008may15,0,700338.story

 

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