NEW YORK – A stock broker who claimed he managed $1.2 billion for clients who included star athletes and celebrities is trying to negotiate a plea and repay more than $4 million he allegedly stole, lawyers confirmed Tuesday.
The broker, Calvin Darden Jr., 30, surrendered last week after he was indicted on grand larceny, fraud and other charges related to alleged thefts from Smith Barney, Wachovia, Canadian mutual fund AIC Ltd., and an elderly investor.
During Darden’s appearance Tuesday in Manhattan’s State Supreme Court, Justice Renee White said defense and prosecution lawyers were “working out a disposition” of the defendant’s case. That meant the lawyers were plea bargaining.
Assistant District Attorney Elson Ho confirmed the plea talks and told the judge that his sentencing offer to Darden was four to 12 years in prison.
Darden’s lawyer, Judd Burstein, also acknowledged the plea talks and said his client “never disputed the allegations,” although Darden pleaded not guilty when he was arraigned Friday.
Darden is charged with first- and second-degree grand larceny, scheme to defraud, falsifying business records and other charges. He faces up to 25 years in prison if convicted on the top count of first-degree grand larceny.
The judge let Darden, of Glen Cove, Long Island, remain free on $1 million bond, which was secured by property owned by Darden’s father, Calvin Darden Sr. The elder Darden is on the boards of directors of Coca-Cola, Target and United Parcel Service, and works as senior vice president for Atlanta-based UPS’s U.S. operations.
Court documents say the younger Darden claimed he managed money for actors such as Samuel Jackson and Angela Bassett, sports figures including Shaquille O’Neal, Latrell Sprewell and Gary Sheffield, and TV personality Star Jones.
Prosecutors said Darden used the false client claims to impress employers, who gave him loans ranging from $344,000 to $3.2 million. They said he also stole $570,000 from an elderly client.
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