SAN ANTONIO – San Antonio Spurs legend David Robinson filed a lawsuit last week alleging his business partner diverted tens of millions of dollars to fund a new venture without his knowledge.
According to the lawsuit, which was filed Friday in Texas Business Court, Robinson, the Admiral Capital Group and two of the group’s subsidiaries sued Daniel Bassichis and his companies Vero Capital GP, LLC and Us Living Structured Fund LP.
Robinson’s suit accused Bassichis of breaching fiduciary duty, fraud, conversion, tortious interference, civil conspiracy, accounting and a breach of good faith and fair dealing.
Bassichis is accused of misappropriating $18 million in proceeds from one of the Admiral Capital Group’s LLCs to Bassichis’ real estate venture without Robinson’s approval.
The lawsuit also states that Bassichis diverted funds that were intended for the Admiral Capital Group’s investors. It also accused Bassichis of fraudulently using funds to cover operating costs, salaries and expenses for his real estate venture.
In total, the lawsuit alleged Bassichis misused more than $34 million.
Robinson and his companies hope to recover all of the money plus exemplary damages.
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