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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
UNITED STATES DISTRICT WILLIAM SPORTS AGENT GUILTY JURY FLORIDA LITIGATION TANK STATES DISTRICT COURT NORTHERN DISTRICT COMMIT FRAUD DEFRAUD OBSTRUCT VERDICT ALLEGES CLIENTS UNDISCLOSED COMMISSIONS FEES ASSET FREEZE TEMPORARY RESTRAINING ORDER PRELIMINARY INJUNCTION EVIDENCE OATH TESTIMONY FABRICATED DOCUMENTS RESPONSE COMMISSION SUBPOENAS |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 17358 / February 11, 2000
United States v. William H. Black, James A. Franklin, Jr., Alfred
Twitty, Linda Wilson and Lisa Adams, No. 1 00CR15 SPM (N.D. Fla.)
PROFESSIONAL SPORTS AGENT WILLIAM H. "TANK" BLACK FOUND GUILTY IN
PARALLEL CRIMINAL TRIAL
On January 31, 2002, a jury sitting before the Hon. Stephan P. Mickle
in United States District Court in the Northern District of Florida
(Gainesville Division) found William H. "Tank" Black, a former sports
agent, guilty of conspiring to commit mail fraud, commit wire fraud,
defraud the United States, and obstruct the SEC's investigation. Black
faces up to 25 years in prison and is scheduled to be sentenced on May
6, 2002. The jury deliberated for about six hours before returning its
verdict.
The United States Attorney for the Northern District of Florida
prosecuted Black for the same conduct that underlies a civil
enforcement action brought by the Commission against Black and others
in United States District Court in the Middle District of Florida. The
Commission's lawsuit, filed in February 2000 and later stayed pending
resolution of the criminal case, alleges that Black and his sports
agency business, Professional Management, Inc., defrauded nearly two
dozen athlete-clients of millions of dollars they entrusted to Black
for investment purposes. The Commission alleged that Black made
materially false and misleading statements and omissions in inducing
his clients to invest and skimmed millions of dollars from their
investments in undisclosed commissions and other "fees." The
Commission obtained an asset freeze, temporary restraining order and
preliminary injunction against Black and others, which remain in
effect.
The guilty verdict for obstructing the Commission's investigation came
after evidence was presented to the jury that Black lied under oath in
his SEC testimony, produced fabricated documents to the SEC and failed
to produce numerous other documents in response to Commission
subpoenas.
For further information about the Commission's action against Black,
see Litigation Release No. (February 25, 2000).
_________________________________________________________________
Modified 02/12/2002
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