Scheme

Mark Walter may be selling the Lakers, but the new owners plan to take a money-making page out of the Dodgers’ playbook nonetheless: Dump the ticket brokers and leverage control over the resale market to drive up the cost of a ticket.

As a result, the average price for a Lakers ticket could rise from $217 to $361 within the next two years, the Wall Street Journal reported Friday, citing documents prepared for potential investors.

Thrive Eternal, the sports properties company run by incoming Lakers owner Joshua Kushner, declined to comment because the NBA has not yet approved the sale.

However, the $361 figure was intended to illustrate to potential investors how much incremental ticket revenue the Lakers could gain by booting the brokers, not to signal another immediate and steep price hike, according to a person familiar with the deal but not authorized to comment publicly about it.

In February, under Walter’s ownership, the Lakers announced significant increases in ticket prices for the 2026-27 season. No announcement has been made for seasons beyond then, but the investor presentation provides information on how prices have increased for NBA tickets across the league.

Sports teams often enjoyed long and beneficial relationships with brokers, who bought out blocks of season tickets. That guaranteed the teams with revenue, with brokers benefiting from a markup for popular games but taking the risk that tickets to less popular games would sell at a loss, or not at all.

Over the past decade, the Dodgers and other teams have kicked out the brokers and taken that risk themselves, with the aid of dynamic pricing: the constant raising or lowering of ticket prices based on real-time supply and demand. For the Dodgers, the worst tickets seldom fall to market rate, because the team would rather live with a few empty seats rather than condition fans to hold out for a lower price.

The Dodgers lead the major leagues in attendance, on pace to sell 4 million tickets for the second consecutive season. The Lakers played to 99.8% of capacity last season, according to ESPN. So the calculus is simple for both teams: Sell a $100 ticket to a broker, who would then sell it for $200; or cut out the broker, sell the ticket for $200, and pocket the $100 difference.

Kushner and former Disney Chief Executive Bob Iger agreed last month to buy controlling interest in the Lakers, at a $12.5-billion valuation. The world’s most valuable sports team, according to Sportico: the Dallas Cowboys, at $15.5 billion.

According to the Journal, the Thrive Eternal investor pitch projected that the Lakers could leverage increases in ticket prices, media rights, sponsorships and international growth to generate close to $600 million in annual profit by 2037, when the value of the franchise could reach $30 billion.

Times owner Dr. Patrick Soon-Shiong holds a 4% stake in the Lakers. He is not selling his stake in the Lakers, his attorney told The Times last month, in part because “we believe they are still undervalued.”

Dana Williamson, California Gov. Gavin Newsom’s onetime chief of staff, is seeking to delay her criminal sentencing date for political corruption because of health issues, according to documents filed last week in federal court.

Williamson’s attorney McGregor Scott, asked the court to delay her Sept. 17 sentencing and seal documents related to her health condition.

Scott submitted documents that reference a Sept. 4 surgery that Williamson underwent, medical records, and a text message from Williamson’s mother about the surgery.

Williamson underwent a liver transplant earlier this year, prompting a judge to delay a February hearing in her case.

A spokesperson for the U.S. attorney’s office for the Eastern District of California didn’t immediately respond to a request for comment about the requested sentencing delay.

Scott declined to comment.

Williamson, who worked for Newsom until 2024, pleaded guilty in May to three counts, including committing bank and wire fraud.

Williamson, a veteran political consultant who also formerly worked for former Govs. Jerry Brown and Gray Davis, admitted she took part in a scheme from 2022 to 2024 to skim campaign funds from then-U.S. Health and Human Services Secretary Xavier Becerra, now a leading candidate for governor, and divert the money to Becerra’s then-chief of staff.

She also admitted in her plea deal to filing a false tax form in 2024 and lying to FBI agents that same year.

Beyond lying to the FBI about the scheme involving Becerra, Williamson misled federal authorities on another topic, the plea agreement stated.

She lied to FBI agents when asked about the state’s lawsuit against video game company Activision Blizzard Inc., details contained in the November indictment against Williamson and other public records show.

Pro Football Hall of Fame running back Emmitt Smith has been accused of taking part in a scheme that allegedly scammed $2.5 million from a Native American investment firm.

In a lawsuit filed Monday in Delaware’s Court of Chancery, a tribal owned and operated economic developmental agency for the North Carolina-based Eastern Band of Cherokee Indians claimed the former Dallas Cowboys superstar, his longtime business partner David Mosley and their real estate development and renewable energy company 4 13 Solutions Inc. borrowed the money, did not use it for its intended purpose and have not paid it back.

According to the lawsuit, Smith and Mosley convinced the tribal agency, Kituwah LLC, to help their company acquire a proposed solar energy farm in Texas.

“By using false projections and data, misrepresenting the level of interest and potential investments from other investors, making promises that they had no intention of fulfilling, and relying on the participation of other coconspirators, Smith and Mosley induced Kituwah to form a joint venture with their company, 4 13 Solutions, and to loan $2.5 million to the joint venture,” the complaint states.

“Smith and Mosley promised to use the funds to acquire an interest in a renewable energy project in Texas (‘Project Exodus’), transfer that interest back to the joint venture, and ultimately repay Kituwah’s money. But instead, they took the money and used it to improperly pay Wilson Holdings, with whom they had partnered on other ventures.”

Smith, Mosley, 4 13 Solutions, Wilson Holdings and its principal owner, Darrel Wilson, and the group’s joint venture firm, Jabez 4 10 LLC, were named as co-defendants. Representatives for Smith, Mosley and 4 13 Solutions did not immediately respond to requests for comment.

The loan came due on Feb. 1, 2024, according to the complaint, and remains unpaid despite numerous efforts to collect. Smith is accused of fraudulent inducement and breach of fiduciary duty. Seeking the return of its investment as well as interest and other costs and expenses, Kituwah says it is owed more than $3 million.

“Moreover, despite 4 13 Solutions’ representation that Project Exodus would be up and running by the end of 2024, Kituwah has not seen any evidence that Project Exodus has made any meaningful progress towards completion,” the lawsuit states.

“Kituwah commenced an investigation. It has determined that 4 13 Solutions’ representations were part of Smith’s and Mosley’s scheme to cheat Kituwah out of $2.5 million dollars. Instead of using the loan proceeds to acquire Project Exodus as promised, 4 13 Solutions used the $2.5 million to pay Wilson Holdings, apparently for money that Wilson Holdings had previously invested. Essentially, like a Ponzi scheme.”

An aspiring Los Angeles-area rapper was arrested on Wednesday and charged in connection with a multimillion-dollar check-cashing scheme, according to the U.S. Department of Justice.

Ada William Obayuwana of Quartz Hill, who goes by “ColdheartedAC” and “AC,” and two others were charged in a 25-count federal grand jury indictment alleging that they illegally possessed more than 50 stolen U.S. Treasury checks and hundreds of other checks belonging to individuals and businesses worth more than $8.1 million, then cashed or attempted to cash them at lenders throughout Southern California.

Albert Tai Vu, of Westminster, and Cassandra Marie Murrillo, of San Diego, are the other two defendants charged in the case.

According to the indictment, between April 2022 and December 2023, the trio obtained the stolen checks, some containing tax refunds and veterans’ and Social Security Administration benefits, then forged endorsements or modified names and addresses to steal the money.

The trio is accused of opening bank accounts to receive the money. They also used business documents to impersonate the identities of the victims connected to the stolen checks and deposited the money into bank and credit union accounts across Los Angeles, Orange and San Diego counties, the indictment says.

During this period, Obayuwana allegedly tried to cash at least three Treasury tax refund checks worth $382,109 and was successful in cashing one, withdrawing $229,109, federal authorities allege.

In December 2023, Obayuwana “possessed in his car in Oceanside more than 100 stolen or fraudulent checks, cumulatively worth more than $6.1 million,” states the indictment. Among the checks were 48 stolen Treasury checks worth some $2,555,417 in tax refunds, veterans’ benefits,and Social Security benefits.

Obayuwana was able to cash eight of them worth about $1.7 million, according to federal investigators.

Vu tried to cash at least six Treasury checks totaling $2.15 million and successfully cashed two tax fund refunds worth $772,159, the indictment says. He also allegedly cashed a pair of cashier’s checks, each valued at $250,000, at an Anaheim bank and used money from one to buy a Range Rover and the second to pay Murillo.

Murillo is accused of trying to cash at least two checks worth $60,193, successfully cashing one for $31,405.

Following his arrest, Obayuwana remains in federal custody. He is charged with nine counts of bank fraud and faces three counts of delivering stolen Treasury checks and one count of aggravated identity theft.

Vu, who was arrested Thursday, is charged with five counts of delivering stolen Treasury checks, four counts of money laundering and two counts of aggravated identity theft.

Murillo, who is expected to surrender to federal authorities in Los Angeles on Monday, is charged with an additional count of delivering stolen Treasury checks.