Businessman embezzled $1 million to fund proposed football league
SAN DIEGO (AP) A former San Diego businessman has pleaded guilty to embezzling more than $1 million that he used mainly to fund a proposed U.S. football league.
U-T San Diego says Jaime Cuadra entered pleas Monday to wire fraud and filing a false federal income tax return. He faces up to 22 years in prison.
Federal documents don't name the league but last year, Cuadra's EndZone Sports Management acquired the United States Football League, which plans to launch next year.
In a plea agreement, Cuadra acknowledged embezzling money while he was chief financial officer of Oceanic Enterprises Inc. of San Diego.
He was fired in February and resigned as president and CEO of the football league.
A Tuesday call to EndZone seeking comment wasn't immediately returned.