Latest on Darden Jr.

[moreluck]

A high-rolling stockbroker who stole more than $7 million - including huge sums from investors like former Knicks star Latrell Sprewell and rapper Nelly - pleaded guilty yesterday to fraud charges.
The crimes could put Calvin Darden, the son of a multi-millionaire businessman, behind bars for up to a dozen years when he is sentenced Nov. 10.
Under the agreement with Manhattan prosecutors, Darden also will make $5.7 million in restitution. He stole $4 million from his former employers and more than $3 million from eight investors, authorities said.
Darden, 31, landed jobs at three top Wall Street firms by boasting about a client list that included Nelly, hoop star Shaquille O'Neal, actress Angela Bassett and actor Samuel L. Jackson.
The firms, AIC, Wachovia and Smith Barney, viewed him as "a new rising star in the African-American investment community," Darden's lawyer, Ben Brafman, said yesterday.
Brafman said the firms never checked Darden's claims, and loaned him millions as sign-on bonuses, promising to forgive the loans if he did well.
He didn't.
Instead, Darden spent the money on a lavish lifestyle, buying a multimillion-dollar home in Glen Cove, L.I., with a 5,000-gallon fish tank and on meals at The Four Seasons in Manhattan and L'Ermitage in Beverly Hills. He hoodwinked investors too, taking $950,000 from Nelly and $300,000 from Sprewell to invest as he saw fit.
Brafman said Darden will have to sell the house to help pay the $5.7 million restitution bill.
Of that, $4 million will go to his former employers and over $3 million to eight investors he cheated.
Darden is the son of Calvin Darden Sr., who was named by Fortune magazine as one of the 50 most powerful black executives in the country. The elder Darden is a retired senior vice president of UPS and a director of Coca-Cola and Target.

 

[over9five]

"..behind bars for up to a dozen years.."

Bet he does less than 4.

 

[ok2bclever]

The math isn't adding up.

He is forced to pay restitution of 5.7 million to be split up by 4 million and 3 million?!?

He's obviously conned the accountant!

He lived a millionaire's life for how many years?

Frankly, he should be forced to sell every single thing he owns and instead of putting him in prison for 12 years or less he should be convicted to work a manual labor job such as a UPS driver until his earnings paid off those he bilked, with appropriate make up interest.

He could spend all his off time in the prison cell.

That should take the rest of his life I would estimate.

 

[speeddemon]

I say he should work his ass off with us for 10 years.

 

[wkmac]

The firms, AIC, Wachovia and Smith Barney, viewed him as "a new rising star in the African-American investment community," Darden's lawyer, Ben Brafman, said yesterday.
Brafman said the firms never checked Darden's claims, and loaned him millions as sign-on bonuses, promising to forgive the loans if he did well.

Sounds to me like the 3 firms mentioned above didn't do their due diligence before bringing Lil Cal on board. It could be a few lawsuits are in the future to make up the shortfall for $5.7 to $7mil.

OK2BC,
I completely understand where you are coming from but debtors prisons went out with the British Crown. The bad part is for the next however many years we, the taxpayers, will have to foot the housekeeping bill for Lil Cal. You see, even away from UPS Big Cal is seeing to it we will still have to work that much harder just to get anymore ahead. Thanks for thinking of us Cal!

Seriously, I wonder if Big Cal is thinking right now that maybe instead of those so-called 24/7 ideals of being a "Good UPSer" that he should have instead directed his energies into other areas of what at the end of the day is really more important! Not slamming Cal but rather maybe we should take another look and learn from his unfortunate situation. I'd never wish that on anyone and my heart goes out to him and I just hope all concerned can learn from it and be better people for it.

To young Cal I say, "life without a 5000 gal fishtank ain't all bad and a 30 gal can be just as enjoyable if you have the right attitude!"
I guess you'll learn that now in that your new environs a 5 gal. tank with a goldfish would be a luxury. As they told Coolhand Luke, "you got to get ya mind right!"

Shake the bush Boss?
No today Boy!

 

[teddyr]

He should be sentenced to 12yrs as an on car sup.

 

[feederdude]

Teddyr,
Could you imagine how many office supplies would turn up missing? Not to mention the work ethics that have been taught to him!!!!!
It will cost the general public less money with him wearing the big house suit with the opening in the back.

Feederdude

 

[teddyr]

Yeah, you have a point, but he would still be in a living hell.

 

[Catatonic]

I guess he did not learn the first time!

Ex-UPS exec's son faces fraud charges in scheme over Maxim magazine - Reuters

U.S. prosecutors on Thursday charged the son of a former United Parcel Service Inc executive with impersonating his father to fraudulently obtain millions of dollars that was intended to finance the purchase of Maxim magazine last year.

Calvin Darden Jr., 39, faces two counts of wire fraud for his role in an elaborate scheme involving fake emails and bank statements to obtain more than $8 million and attempt to secure another $20 million, the prosecutors said.

Darden was arrested Wednesday after what a prosecutor described as a manhunt. He is the son of Calvin Darden Sr., a former vice president of U.S. operations at UPS.


Read more: http://www.browncafe.com/community/...eme-over-maxim-magazine.354917/#ixzz2tG6RvPlS