Robert Lunn, the financial adviser who bilked former NBA star Scottie Pippen, has been sentenced to three years behind bars. Lunn was convicted in 2014 of multiple counts of bank fraud. <\/p>\n
According to prosecutors, he obtained $3M in loans from Leaders Bank, $1.4M of which he claimed was for Pippen to invest in a private jet. Instead, Lunn used the majority of funds for himself, including to pay for mortgage bills. He also used the money to pay other investment clients.<\/p>\n
District Judge Charles Norgle, who imposed the prison term, said during trial that Lunn lied about forging the NBA legend\u2019s signature, as well a claimed he\u2019d received permission to apply for a second loan on behalf of Robert Geras, a retired venture capitalist. Norgle said that Lunn\u2019s scam wasn\u2019t your \u201cgarden variety fraud\u201d and that he used \u201cskills and connivance\u201d when presenting himself to his victims.<\/p>\n
Pippen was close to retirement when he invested over $20M with Lunn, who came highly recommended by the Bulls. He and his wife Larsa said less than a year after investing with Lunn, that they received a call from their accountant telling them that their adviser may have taken their money. <\/p>\n
Pippen testified at Lunn\u2019s criminal trial. He said that he hired Lunn in 1999 and signed papers that the financial adviser sent him for a loan in 2002. As his relationship with Lunn deteriorated, however, he refused to sign documents that would have extended the loan. Pippin claims that the adviser forged his name on the paperwork.<\/p>\n