Stockbroker who swindled Sprewell sentenced
NEW YORK -- A stockbroker who swindled NBA star Latrell Sprewell of $300,000 was sentenced Monday to four to 12-years in prison and ordered to repay almost $6 million that he stole from securities firms and investors.
Calvin Darden, who spent the money on a $2.85 million Long Island home, complete with a 20-foot aquarium and movie theater, apologized as his father, Calvin Darden Sr., a United Parcel Service vice president, watched.
"I would like the people I hurt in this case to know how truly sorry I am," the 30-year-old Darden told the court. "I pray and ask God to forgive me."
Sprewell, a former All-Star who played for the Minnesota Timberwolves last year but is now unsigned, gave Darden $300,000 to invest and was not repaid.
Darden pleaded guilty on Aug. 3 to five counts that included first- and second-degree grand larceny and scheme to defraud. His plea deal requires restitution of $5.77 million plus a 5 percent surcharge for a total topping $6 million. He also is barred from working in the securities field.
Assistant District Attorney Elson Ho said Darden defrauded 11 victims of about $7 million over four years.
Copyright 2005 by The Associated Press