One of the four main investors that enabled the takeover of Derby County by General Sports Entertainment company now faces over 500 years in jail for fraud.
Jeff Martinovich (46), who filed for bankruptcy in February 2011 subsiquently had all claims quoshed earlier this year,leaving investors in his hedge funds owed thousands of dollars each. One investor an 82 year old lost $544,000 alone.
Martinovich now faces 26 counts of fraud, which each carry a 20 year jail term . Some of the charges relate to Martinovich’s dealings with a solar energy company and were before his involvement with General Sports Entertainment, the company who own the Rams.
It is believed that for his help in financing the takeover of Derby County he was given a 10% share. Derby County however have refused to comment if Martinovich still retains these shares. A statement last year following the bankruptcy case of Martinovich by Derby County stated that the running of Derby County football club would not be effected by this case and we believe this is the same for the fraud cases now faced by Martinovich.
Source: Derby County-Mad