A federal jury has convicted 40-year-old John White on 11 counts of wire fraud for transferring money from Arenas’ accounts to his own, and four counts of filing a false tax-related document. He faces dozens of years in prison when he is sentenced in November, per Associated Press. Prosecutors say White used the money to buy sports cars and pay the mortgage on his home.
via CSN’s Keely Diven:
The money funneled from Arenas was not reported in White’s and his wife’s joint income tax returns during that span, resulting in four additional counts of filing a false tax-related document.
The U.S. Secret Service assisted criminal investigators from the IRS to build the case. Each count of wire fraud carries a maximum sentence of 20 years in federal prison, while each false document charge carries a three-year maximum sentence.
So where did Arenas’ money go? Financial records show that White used it to purchase a Ferrari and a Range Rover in addition to making mortgage payments on his house in Windermere, Florida.
White was employed as the personal assistant to Arenas from 2006-2012, according to the evidence presented at trial. He was indicted on April 9, 2015. His sentencing hearing is scheduled for Nov. 19.
Three-time NBA All Star Arenas saw his career derailed by injuries. He’s been retired as a player since the 2011-12 season after playing 17 games with the Memphis Grizzlies. He signed a six-year, $111 million contract extension with the Washington Wizards in 2008, and was acquired by Orlando Magic in a trade in 2010 for Rashard Lewis. Despite not playing in a regular-season game since 2012, he’s still being paid by the Magic.
It’s easy to understand how the rich can lose track of $2 million when they are making over $20 million a year.