David Robinson Accuses Partner of Diverting Over $34 Million
San Antonio Spurs legend David Robinson has taken legal action against his business partner for allegedly diverting over $34 million. The lawsuit was filed in Texas Business Court, highlighting significant financial misconduct that has raised serious concerns.
Details of the Lawsuit
The lawsuit, submitted last week, names Daniel Bassichis and his companies, Vero Capital GP, LLC and Us Living Structured Fund LP. Robinson’s legal filing includes a range of allegations, such as:
- Breaching fiduciary duty
- Fraud
- Conversion
- Tortious interference
- Civil conspiracy
- Accounting irregularities
- Breach of good faith and fair dealing
Allegations of Financial Misconduct
Central to the lawsuit is the claim that Bassichis misappropriated $18 million from one of Admiral Capital Group’s LLCs. This money was allegedly used to fund his own real estate venture without Robinson’s consent. Additionally, Bassichis is accused of diverting funds intended for investors of the Admiral Capital Group.
Moreover, the suit indicates that Bassichis fraudulently used funds to cover his venture’s operating costs, salaries, and other expenses. The total amount misappropriated is claimed to exceed $34 million.
Robinson’s Objectives
Robinson and his affiliated companies are seeking to recover all funds they believe were misused. They are also pursuing exemplary damages, reflecting the seriousness of the allegations against Bassichis.
This lawsuit marks another chapter in the ongoing management of financial dealings within the sports and business sectors, highlighting the need for clear fiduciary responsibilities.
