Football Dan Snyder allegedly committed Bank Fraud with NFL assisting in Coverup

Sassy Squatch · 02-28-2023, 10:49 AM

Wow. The Washington Commanders three minority owners allege Dan Snyder committed bank fraud in securing a $55 million loan without board approval, the NFL made it go away, and now a federal grand jury is looking into it, according this bombshell by @DVNJr https://t.co/MPCEeS6Kqv
— Kevin Van Valkenburg (@KVanValkenburg) February 28, 2023

Daniel Snyder's final breakup from his longtime minority partners in Washington's NFL franchise began with a footnote in an April 2020 financial report.

The note revealed a $55 million credit line the team had taken out 16 months earlier without the knowledge and required approval of Snyder's minority partners -- the three billionaires who owned 40% of the franchise, according to documents obtained by ESPN.

The secret $55 million loan has become a primary focus of federal prosecutors in Virginia who are investigating allegations of financial misconduct by Snyder and the Washington Commanders, multiple sources with firsthand knowledge of the inquiry told ESPN.

A federal grand jury has issued subpoenas for a cache of documents related to the team's finances, including the loan. Prosecutors acquired the partners' NFL arbitration petition and other supporting materials, including emails and letters between team executives and bank lawyers, documents show. The criminal inquiry is being led by a team of FBI and IRS agents, sources said.

During a confidential arbitration, the former partners demanded that the NFL investigate the origin of Snyder's loan. But neither NFL commissioner Roger Goodell, whose signature granted league approval for the team to take on the new debt, nor the NFL arbitrator investigated the partners' allegation of financial wrongdoing, according to hundreds of pages of confidential NFL arbitration documents obtained by ESPN and more than a dozen interviews.

Loans and lines of credit obtained without the approval of Washington's board of directors violate the team's shareholder agreement, according to the documents. The documents also show Bank of America officials asked team executives repeatedly for proof that the board had approved the loan. But the team executives never turned over a copy of the board approval before the loan closed, and one team lawyer later acknowledged in a letter that the board approval doesn't exist, documents show.

Four days after the partners pressed the NFL arbitrator to seek proof that the loan was legally obtained, the documents show, the NFL moved to shut down arbitration proceedings. The partners begrudgingly agreed to mediation, led by Goodell, sources familiar with the matter told ESPN. The mediation resulted in the partners selling their shares, and it silenced their complaints against Snyder, the sources said. The NFL never conducted the partners' requested investigation of the loan, and the league levied no sanctions against Snyder related to the allegations of financial misconduct.

One source with firsthand knowledge of the proceedings told ESPN the partners believed Goodell and NFL general counsel Jeffrey Pash sided with Snyder over them.

"Three billionaires -- not a few whistleblowers -- alleged to the NFL arbitrator that their partner had possibly committed bank fraud," the source said. "This is jail time type of fraud. The NFL owes them as much of a fair shake as it owes Snyder. And the league had no interest in finding out what happened. They buried it and didn't investigate it and covered it up."

Titty Meat · 02-28-2023, 10:52 AM

Gonna be real here- I don't care

GloucesterChief · 02-28-2023, 10:53 AM

Conspiracy to commit fraud is a pretty terrible crime. It isn't enough for Congress to bring the anti-trust hammer out of the closet though.

ModSocks · 02-28-2023, 10:55 AM

It's rigged!

/Bank of America

Dunerdr · 02-28-2023, 10:56 AM

Quote:

Originally Posted by Titty Meat

Gonna be real here- I don't care

I second the motion.

Sassy Squatch · 02-28-2023, 11:32 AM

Probably going to see a lot more stories like this go public as long as Snyder doesn't just shut the **** up and sell the team. The NFL must have metric tons of his shit they have covered up by now.

**The Franchise** · 02-28-2023, 11:34 AM

Quote:

Originally Posted by Superturtle

Probably going to see a lot more stories like this go public as long as Snyder doesn't just shut the **** up and sell the team. The NFL must have metric tons of his shit they have covered up by now.

I saw an article yesterday that a proposal to sell that he put before the other owners included basically what amounts to immunity for him once it’s done.

Skyy God · 02-28-2023, 11:42 AM

Quote:

Originally Posted by The Franchise

I saw an article yesterday that a proposal to sell that he put before the other owners included basically what amounts to immunity for him once it’s done.

Financial indemnity by the league. Not immunity from prosecution.

Snyder’s demand makes more sense in the context of Goodell’s involvement in the coverup.

BleedingRed · 02-28-2023, 11:42 AM

Quote:

Originally Posted by Dunerdr

I second the motion.

I third the motion - I move to table the thread.

**notorious** · 02-28-2023, 11:46 AM

If the guy farted in an elevator once, it's going to come out.

Sassy Squatch · 02-28-2023, 11:52 AM

Quote:

Originally Posted by GloucesterChief

Conspiracy to commit fraud is a pretty terrible crime. It isn't enough for Congress to bring the anti-trust hammer out of the closet though.

This could get REALLY nasty for Goodell and the NFL if those 3 minority owners got a shit deal in mediation for their parts of the franchise. If the team sells for what Snyder wants, they may have lost out on hundreds of millions of dollars due to an arbitration they had no real control over and also allegedly helped in covering up the crime.

**Bowser** · 02-28-2023, 12:08 PM

I bet this is an issue the owners don't want talked about even a little bit.

Skyy God · 02-28-2023, 12:14 PM

Quote:

Originally Posted by Superturtle

This could get REALLY nasty for Goodell and the NFL if those 3 minority owners got a shit deal in mediation for their parts of the franchise. If the team sells for what Snyder wants, they may have lost out on hundreds of millions of dollars due to an arbitration they had no real control over and also allegedly helped in covering up the crime.

It’s BAD for Goodell.

He personally signed off on the fraudulent loan. He’s intimately involved in both the crime and coverup.

Enjoy getting deposed by an AUSA, ****stick.

**RealSNR** · 02-28-2023, 12:26 PM

Oh no football is canceled next year.

No? Oh okay.

**alpha_omega** · 02-28-2023, 12:39 PM

Daniel Snyder allegedly charged Commanders $4.5 million to put team logo on his private jet, per report

Snyder allegedly also charged the franchise $10 million annually to use his own private jets

Commanders owner Daniel Snyder infuriated NFL owners and restarted conversations about potentially voting him out, according to reports from the Washington Post on Monday. Twenty four hours later, Snyder continues to look even worse after he allegedly was charging the franchise $10 million a year to use his own private jets as well as an additional $4.5 million to put the team's logo on his personal plane, according to ESPN.

In documents acquired by ESPN, Snyder called the $4.5 million charge "an advertising fee" despite the team's then-minority owners claiming Snyder's personal jet "provides little or no advertising value." The charges of $10 million annually and the one-time $4.5 million fee are also an issue because the minority owners who were in possession of 40% of the team did not consent to the spending.

Minority team owners Dwight Schar, Frederick W. Smith, and Robert Rothman, said Snyder was using the franchise as his "personal piggy bank," according to an arbitration petition filed with the league per ESPN. The alleged lack of ethics regarding the team plane spending, however, is just the tip of the iceberg regarding Snyder's unapproved financial decisions since some details of an FBI and IRS investigation into the team are centered around even bigger alleged financial misconduct, according to ESPN.

Snyder allegedly took on a $55 million loan through the Commanders without informing the minority owners and receiving their approval, which is critical because it came 16 months before buying out the individuals who held a combined 40% share of the team. This loan has reportedly been a key area of focus for federal prosecutors who are investigating financial misconduct.

https://www.cbssports.com/nfl/news/d...et-per-report/

02-28-2023, 10:49 AM
Sassy Squatch The man you could post like. Join Date: Oct 2010 Casino cash: $2469655	Dan Snyder allegedly committed Bank Fraud with NFL assisting in Coverup Wow. The Washington Commanders three minority owners allege Dan Snyder committed bank fraud in securing a $55 million loan without board approval, the NFL made it go away, and now a federal grand jury is looking into it, according this bombshell by @DVNJr https://t.co/MPCEeS6Kqv — Kevin Van Valkenburg (@KVanValkenburg) February 28, 2023 Daniel Snyder's final breakup from his longtime minority partners in Washington's NFL franchise began with a footnote in an April 2020 financial report. The note revealed a $55 million credit line the team had taken out 16 months earlier without the knowledge and required approval of Snyder's minority partners -- the three billionaires who owned 40% of the franchise, according to documents obtained by ESPN. The secret $55 million loan has become a primary focus of federal prosecutors in Virginia who are investigating allegations of financial misconduct by Snyder and the Washington Commanders, multiple sources with firsthand knowledge of the inquiry told ESPN. A federal grand jury has issued subpoenas for a cache of documents related to the team's finances, including the loan. Prosecutors acquired the partners' NFL arbitration petition and other supporting materials, including emails and letters between team executives and bank lawyers, documents show. The criminal inquiry is being led by a team of FBI and IRS agents, sources said. During a confidential arbitration, the former partners demanded that the NFL investigate the origin of Snyder's loan. But neither NFL commissioner Roger Goodell, whose signature granted league approval for the team to take on the new debt, nor the NFL arbitrator investigated the partners' allegation of financial wrongdoing, according to hundreds of pages of confidential NFL arbitration documents obtained by ESPN and more than a dozen interviews. Loans and lines of credit obtained without the approval of Washington's board of directors violate the team's shareholder agreement, according to the documents. The documents also show Bank of America officials asked team executives repeatedly for proof that the board had approved the loan. But the team executives never turned over a copy of the board approval before the loan closed, and one team lawyer later acknowledged in a letter that the board approval doesn't exist, documents show. Four days after the partners pressed the NFL arbitrator to seek proof that the loan was legally obtained, the documents show, the NFL moved to shut down arbitration proceedings. The partners begrudgingly agreed to mediation, led by Goodell, sources familiar with the matter told ESPN. The mediation resulted in the partners selling their shares, and it silenced their complaints against Snyder, the sources said. The NFL never conducted the partners' requested investigation of the loan, and the league levied no sanctions against Snyder related to the allegations of financial misconduct. One source with firsthand knowledge of the proceedings told ESPN the partners believed Goodell and NFL general counsel Jeffrey Pash sided with Snyder over them. "Three billionaires -- not a few whistleblowers -- alleged to the NFL arbitrator that their partner had possibly committed bank fraud," the source said. "This is jail time type of fraud. The NFL owes them as much of a fair shake as it owes Snyder. And the league had no interest in finding out what happened. They buried it and didn't investigate it and covered it up."
Posts: 37,901

02-28-2023, 10:52 AM	#2
Titty Meat Inmem 2.0 Join Date: Aug 2007 Location: My house Casino cash: $2287558	Gonna be real here- I don't care
Posts: 75,148	9 0

02-28-2023, 10:53 AM	#3
GloucesterChief MVP Join Date: Jan 2013 Casino cash: $1786454	Conspiracy to commit fraud is a pretty terrible crime. It isn't enough for Congress to bring the anti-trust hammer out of the closet though.
Posts: 12,678

02-28-2023, 10:55 AM	#4
ModSocks Needs more middle fingers Join Date: Mar 2005 Location: San Diego Casino cash: $4284563	It's rigged! /Bank of America __________________ Life is like a dick. Sometimes it gets hard for no reason, but it can't stay hard forever.
Posts: 64,332	1 0

02-28-2023, 11:32 AM	#6
Sassy Squatch The man you could post like. Join Date: Oct 2010 Casino cash: $2469655	Probably going to see a lot more stories like this go public as long as Snyder doesn't just shut the **** up and sell the team. The NFL must have metric tons of his shit they have covered up by now.
Posts: 37,901

02-28-2023, 11:46 AM	#10
notorious Supporter Join Date: May 2005 Location: Who knows? Casino cash: $2935884	If the guy farted in an elevator once, it's going to come out.
Posts: 83,365

02-28-2023, 12:08 PM	#12
Bowser sorta mod-ish Join Date: Jan 2004 Location: KC North Casino cash: $3451616	I bet this is an issue the owners don't want talked about even a little bit.
Posts: 100,637	1 0

02-28-2023, 12:39 PM	#15
alpha_omega Supporter Join Date: Jan 2004 Location: Liberty Casino cash: $1651251	Daniel Snyder allegedly charged Commanders $4.5 million to put team logo on his private jet, per report Snyder allegedly also charged the franchise $10 million annually to use his own private jets Commanders owner Daniel Snyder infuriated NFL owners and restarted conversations about potentially voting him out, according to reports from the Washington Post on Monday. Twenty four hours later, Snyder continues to look even worse after he allegedly was charging the franchise $10 million a year to use his own private jets as well as an additional $4.5 million to put the team's logo on his personal plane, according to ESPN. In documents acquired by ESPN, Snyder called the $4.5 million charge "an advertising fee" despite the team's then-minority owners claiming Snyder's personal jet "provides little or no advertising value." The charges of $10 million annually and the one-time $4.5 million fee are also an issue because the minority owners who were in possession of 40% of the team did not consent to the spending. Minority team owners Dwight Schar, Frederick W. Smith, and Robert Rothman, said Snyder was using the franchise as his "personal piggy bank," according to an arbitration petition filed with the league per ESPN. The alleged lack of ethics regarding the team plane spending, however, is just the tip of the iceberg regarding Snyder's unapproved financial decisions since some details of an FBI and IRS investigation into the team are centered around even bigger alleged financial misconduct, according to ESPN. Snyder allegedly took on a $55 million loan through the Commanders without informing the minority owners and receiving their approval, which is critical because it came 16 months before buying out the individuals who held a combined 40% share of the team. This loan has reportedly been a key area of focus for federal prosecutors who are investigating financial misconduct. https://www.cbssports.com/nfl/news/d...et-per-report/
Posts: 16,737