Phillip Kenner, an Arizona-based advisors, and Tommy Constantine – who founded the Playboy Racing Club – were convicted by a federal jury in New York on charges of wire fraud and money laundering. That money was used for a number of personal investments, including two mortgages.
"Today, their scheme has been brought to an end," Acting U.S. Attorney Kelly Currie said in announcing the verdict, according to Reuters.
The trial lasted 10 weeks.
According to court documents, Kenner convinced at least 13 NHL players to invest $100,000 each in a real estate development in Hawaii. He had made the connections to these players through a friend who had been drafted into the league.
In a separate scheme, the two convinced NHLers to invest in a debit card business. When things went south, they pinned the losses on a real estate developer.
The money, however, was never used as intended. Kenner used the money to pay for mortgages on million-dollar homes in California and Arizona, as well as to fund a tequila
A financial advisor and former professional race car driver were found guilty of defrauding a number of National Hockey League players out of millions.