Penn basketball alum Tyrone Gilliams arrested for wire fraud

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Last week, Wharton grad Raj Rajaratnam was sentenced to 11 years in prison, the longest sentence for insider trading ever. This week's DP brings more bad news from the alumni dossier as 1990 college graduate Tyrone Gilliams was arrested in Philadelphia earlier this month for wire fraud.

Gilliams, also an alum of the Penn men's basketball team, "is accused of misappropriating at least half of the $4 million given to him by an intermediary, New York financier Vassilis Morfopoulos," according to the DP article.

He reportedly agreed to forfeit half a million dollars in property, and will be restricted to the New York, New Jersey and Pennsylvania region for criminal and civil court appearances.

Gilliams made his money in commodity trading of gold, diamonds, sugar and oil. His company's website has a rather peculiar bio of Gilliams:

Tyrone Gilliams Jr. achieved star status in academia and sports while being mentored by highly esteemed Wharton professor and sports lawyer Ken Shropshire. Tyrone later began a highly profitable business in artist and concert promotions. Due to the extreme success of Tyrone's concert promotions as a student athlete; he was able to purchase new car(s), fine clothing, jewelry, and cellular phones. This as one would imagine resulted in a closer observation by the NCAA. Albeit, he was viewed by some to have gotten help from the Alum, it amounted to a student athlete conducting prudent business practices forthwith receiving awards.