Update: Silicon Valley Venture Capitalist Pleads Guilty To Investment Fraud

William "Boots" Del Biaggio III, 41, of Menlo Park, California, pleaded guilty today to securities fraud. Del Biaggio was charged by the SEC with defrauding investors and financial institutions out of at least $65 million. According to the SEC complaint, Del Biaggio set up three entities and solicited investors, but used the proceeds to pay for a lavish lifestyle and gambling debts.

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