|Former Kentucky player accused of mortgage fraud|
|Written by Admin|
|Thursday, 11 December 2008 11:57|
The 47-year-old former NBA player was arrested Tuesday at his home by FBI agents after a federal indictment was unsealed. He and three others each face one count of conspiracy to commit wire fraud and eight counts of wire fraud.
The indictment alleges Minniefield was a real estate agent in fraudulent home loans designed to secure payments for expensive upgrades that were never performed. The indictment says he represented buyers even though he never met them and they never visited the properties they were supposedly buying.
Minniefield also is accused of contacting the sellers' agents to propose language that would increase the sales prices of homes by including a substantial payment for the renovations.
He was released on $100,000 bond and scheduled for arraignment Friday. His attorney didn't return a phone call seeking comment.
he school's career assists leader with 646. He spent three seasons in the NBA, playing for Cleveland, Houston, Golden State and Boston.
The conspiracy count carries a punishment of up to five years in prison, and each wire fraud count has a maximum 20-year term. All the counts could result in fines totaling $250,000, and the indictment is seeking a forfeiture of $10 million.