Stockbroker who swindled Sprewell sentenced

11/28/2005 - Latrell Sprewell

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."

Darden had promised to bring in business from a celebrity list
that included Miami Heat star Shaquille O'Neal, musician Nelly and
actors Angela Bassett and Samuel L. Jackson.

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.