Bryan Berard and ex-cop help feds nail two Arizona men in massive fraud

[taco.vidal]

http://www.nydailynews.com/sports/ho...ampaign=Buffer

Berard, who was picked first overall in the 1995 NHL Entry Draft by the Ottawa Senators, has devoted much of his post-NHL life to poring through bank records and documents and sifting through emails as he cooperated with the FBI in exposing one of the most extensive con jobs in sports history.
"I feel like I can finally close a chapter in my life. It's been a tough three years finding out a friend/business manager had stolen from me after I retired from the NHL," said Berard, who estimates he lost at least $3 million and maybe as much as $6 million in forged lines of credits, worthless real estate deals and bad investments in a tech startup, a video game company and a shoulder pad company. "I never made any money from any of it. Now, I can now move on to my next career knowing he will be held responsible for what he's done."

The Daily News sports investigative team first began reporting on the case of the missing hockey millions in 2009. Among the victims was Berard, the former No. 1 NHL draft pick who later lost an eye in a gruesome on-ice accident and fought his way back to the NHL. He and other players have cooperated with federal investigators for at least three years. The scam is alleged to have involved former Islander Michael Peca, former Ranger Mattias Norstrom, Jere Lehtinen of the Dallas Stars and NHL journeymen Glen Murray and Jozef Stumpel, some of whom have turned against Kenner and Constantine.

The alleged crimes left some of the players broke, facing home foreclosures and IRS liens, even as Kenner and Constantine used their money to fund a lifestyle that included private planes and condos and property in Hawaii, Arizona, Las Vegas and Mexico. The palatial home where Kenner was living when he was arrested was recently listed on a vacation rental website as a resort paradise, complete with a movie theater, a $1 million pool and tennis and basketball courts.
Meanwhile, one player, Dmitri Khristich of Ukraine, who last played for the Washington Capitals, then returned to his country broke. Another, Jason Woolley, who played for the Red Wings, Sabres, Penguins, Panthers and Capitals, filed for bankruptcy in September and listed among his assets his silver medal from the Olympics and two guinea pigs. Woolley listed debts of $212,774.

[killer_carlson]

Wow, what a read.

Jason Wooley into bankruptcy over this. Dimitri Kristich broke.

Hopefully they can get a good chunk of their money back.

[icarus]

Terrible stuff, these guys should be made to go toe-to-toe with each player they conned in rapid succession.

On a lighter note, I wonder what Jason Woolley's two guinea pigs were valued at. Or maybe his pigs were valued at two guineas?

[Rocky Raccoon]

Originally Posted by killer_carlson

Wow, what a read.

Jason Wooley into bankruptcy over this. Dimitri Kristich broke.

Hopefully they can get a good chunk of their money back.

Although Canadian and American bankruptcy legislation is obviously very different and I am not intimately familiar with American legislation, they are based on the same principles. With that in mind, I can say with confidence that Jason Woolley will not recover a single cent from this.

Even with a successful judgement against the defendants and subsequent enforcement and collection, Woolley's bankruptcy estate would likely be entitled to the judgement funds for the benefit of the unsecured creditors.

The only way for Woolley to benefit from this is if there are surplus funds remaining after the Trustee's fees are paid and the proven unsecured creditors from the bankruptcy are paid in full with interest per annum.

With the information from the article we know that there will likely be many other plaintiffs with much higher judgement amounts and being that it would appear the defendants were spending frivolously, there will likely not be enough recovered to satisfy all of the claims in full.

The plaintiffs may be successful in obtaining court orders which would make additional sums payable for the duress and harm they endured above the amounts defrauded; however, with the defendants serving jail time and likely to never have gainful employment in the future, these amounts will likely not be recoverable.

To summarize in plain english, Jason Woolley is likely effed completely. The other people who were screwed are effed also but might recover a small amount of money. The best thing that will likely come out of this for the defrauded parties is peace of mind knowing these criminals are not going to be defrauding anyone else. This is a very small consolation.

[Northendzone]

makes me just scratch my head on how guys who are already fairly well off are not into wealth preservation versus growth.

always wonder if the guys that dream up these schemes are figuring they are never going to get caught and just get cuaght up in the lifestyle of private planes and globetrotting......

[Flashpoint]

listed among his assets his silver medal from the olympics and two guinea pigs. Woolley listed debts of $212,774.

wtf?

[oilyfan]

Originally Posted by Rocky Raccoon

Although Canadian and American bankruptcy legislation is obviously very different and I am not intimately familiar with American legislation, they are based on the same principles. With that in mind, I can say with confidence that Jason Woolley will not recover a single cent from this.

Even with a successful judgement against the defendants and subsequent enforcement and collection, Woolley's bankruptcy estate would likely be entitled to the judgement funds for the benefit of the unsecured creditors.

The only way for Woolley to benefit from this is if there are surplus funds remaining after the Trustee's fees are paid and the proven unsecured creditors from the bankruptcy are paid in full with interest per annum.

With the information from the article we know that there will likely be many other plaintiffs with much higher judgement amounts and being that it would appear the defendants were spending frivolously, there will likely not be enough recovered to satisfy all of the claims in full.

The plaintiffs may be successful in obtaining court orders which would make additional sums payable for the duress and harm they endured above the amounts defrauded; however, with the defendants serving jail time and likely to never have gainful employment in the future, these amounts will likely not be recoverable.

To summarize in plain english, Jason Woolley is likely effed completely. The other people who were screwed are effed also but might recover a small amount of money. The best thing that will likely come out of this for the defrauded parties is peace of mind knowing these criminals are not going to be defrauding anyone else. This is a very small consolation.

I think you meant secured creditors (mortgage holders, lien holders on cars etc.), Jason Wolley and Bryan Berard would fall under the unsecured creditors category.

[oilyfan]

Joe Juneau apparently got caught up in this scam. Joe Juneau was considered by many players as the smartest guy to ever play hockey, had an aeronautical engineering degree (finished in 3 years).

So did Ethan Moreau, Ethan was... -ok forget it, even as an Oilers fan I can't say much good about Ethan!

[The Yen Man]

Originally Posted by oilyfan

Joe Juneau apparently got caught up in this scam. Joe Juneau was considered by many players as the smartest guy to ever play hockey, had an aeronautical engineering degree (finished in 3 years).

So did Ethan Moreau, Ethan was... -ok forget it, even as an Oilers fan I can't say much good about Ethan!

The problem is, just because you're smart at school doesn't neccessarily mean you're smart with money. A lot of doctors are terrible at investing and wealth management.

So imagine being the average NHL player, where most have been focused on playing hockey all their lives and only have a high school education. These guys would be prime targests for fraudsters.

[Rocky Raccoon]

Originally Posted by oilyfan

I think you meant secured creditors (mortgage holders, lien holders on cars etc.), Jason Wolley and Bryan Berard would fall under the unsecured creditors category.

No, I meant what I said. Woolley's unsecured creditors who have proven claims in his bankruptcy estate would be entitled to any funds collected from a successful judgement prior to Woolley himself getting any money.

Woolley and Berard are not mutually inclusive because Woolley has filed a bankruptcy and it would appear Berard has not.

Woolley's bankrupt estate and Berard et al. would be unsecured creditors to the defendants; however, I am speaking to the ability for the plaintiffs to be compensated and not about the defendants filing a bankruptcy.