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Rumeal Robinson Found Guilty on 11 Financial Fraud Charges
Filed under: Michigan, Police Blotter
Des Moines, Iowa (AP) — Rumeal Robinson, who led Michigan to the NCAA championship in 1989, has been found guilty on 11 federal financial fraud charges.
A jury returned its verdict against Robinson on Wednesday, finding him guilty of bank bribery, wire fraud, conspiracy to commit bank fraud and making a false statement to a financial institution.
The U.S. attorney’s office says Robinson schemed between 2004 and 2005 to borrow more than $700,000 from Community State Bank in Ankeny with the help a loan officer at the bank. Prosecutors say Robinson claimed to borrow the money for a business but actually bought a condominium, cars, furniture and invested in an energy company.
Robinson, who grew up in Cambridge, Mass., faces up to 30 years in prison and a $1 million fine on each count. After playing for Michigan, Robinson spent six seasons in the NBA.
Robinson made two free throws to clinch the NCAA championship for the Wolverines in the title game against Seton Hall.
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