Ex-NBA Player Jacobson, Wife Plead Guilty in Home Sale Fraud
HASTINGS (AP) — Former NBA player Sam Jacobson has pleaded guilty to a fraud charge stemming from the sale of a Minnesota home.
Jacobson pleaded guilty Monday to residential mortgage fraud. His wife, Traci Jacobson, pleaded guilty to aiding and abetting. They'll be sentenced Jan. 29.
The charges stem from the 2011 short sale of Sam Jacobson's Apple Valley home to Traci Jacobson, who was his girlfriend at the time.
The sale barred Sam Jacobson from remaining in the home. But investigators say he and his three children didn't move out. Traci Jacobson then sold the home, netting a profit of $176,000, and bought a new home where the couple still lives.
Defense attorneys say the couple has reached a restitution agreement with the mortgage lender.
Sam Jacobson, a star University of Minnesota player, was drafted by the Los Angeles Lakers in 1998. He also played for the Golden State Warriors and the MinnesotaTimberwolves.