An out-of-state man, Tommy Constantine, 54, from Scottsdale, Arizona, got sentenced to 10 years in prison. Constantine stole millions of dollars raised from Long Island residents and professional athletes.
Out-of-State Man Tommy Constantine Stole for Other Purposes
In addition, the money was to go for investment in land developments in Hawaii. Also, for a start-up credit card business based in Arizona. In addition, among other purposes, said Seth D. DuCharme, Acting U.S. Attorney for the Eastern District of New York.
Out-of-State Man Tommy Constantine and Phillip Kenner Convicted at a Trial
Constantine and co-conspirator Phillip Kenner, also of Arizona, were got a convinction at trial in July 2015. Constantine was found to conspire to commit wire fraud; five substantive counts of wire fraud and conspiracy to commit money laundering.
Tommy Constantine had to Forfeiture a Money Judgement, Forfeit Specific Assets
He had to a forfeiture money judgment in the amount of $8.5 million. Constantine has to forfeit specific assets. These included an oceanfront resort in Mexico, real property in Hawaii, and a Falcon 10 jet airplane, and ordered restitution in the amount of $5.2 million.
Siphoning Millions of Investor Dollars
Constantine and Kenner siphoned millions of investor dollars into a myriad of holding companies. Thus diverting those dollars from their approved uses into companies. Also in real estate and other ventures such as Constantine’s car racing endeavors. This is as of early as 2004.
Constantine got Access to These Funds Through Kenner
Constantine got access to these investor funds via his relationship with Kenner. In addition, Kenner was a collegiate hockey player in upstate New York. Moreover, his teammate, Joe Juneau. Therefore, Juneau was a future Olympian, and National Hockey League star, that introduced Kenner to a number of other NHL players in the 1990’s. Moreover, this took place as Kenner began his career as a Boston-based financial advisor.
Kenner Developed a Roster of Clients
Kenner developed a roster of clients, including former New York Islander Michael Peca; former New York Islander and New York Ranger Brian Berard; Darryl Sydor and Bill Ranford, both two-time Stanley Cup champions. In addition to other NHL players whose careers and playing earnings grew. They just placed more and more trust in Kenner to invest and manage their finances and wealth. Unfortunately, Kenner and Constantine diverted these earnings for their own uses.
Kenner got a sentence for 17 years imprisonment.