Jury Finds ‘Hockey Dad’ Guilty of Securities Fraud

By Katie Hauser

Published on December 29, 2006

Gerald Sherman, 55, told his investors their money was being put towards shares in Indonesian gold, which would be sold for a large profit in European markets. According to investigators, the gold was never purchased.

Instead of investing in the gold, Sherman used the money to supplement his own livingexpenses and to support a local youth hockey team. Because of this, Sherman earned the moniker “Hockey Dad” during his trial in U.S. District Court in Seattle.

The jury found Sherman guilty on all counts, including 15 charges of wire fraud, four charges of securities fraud, and two charges of mail fraud. Sherman’s sentencing will take place April 6, 2007. Until then, he remains in his home, where he is monitored electronically.

Sherman could face up to ten years in prison and a $1 million fine for the charges of securities fraud, and up to five years and $250,000 for the mail fraud charges.

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