Advisor Admits to Using Athletes’ Funds

A former investment advisor to professional athletes pleaded guilty Wednesday to 38 counts of grand theft and forgery for stealing upward of $11.5 million from 19 athletes and six non-athletes.

John Walter Gillette Jr., 42, a former stockbroker for Shearson-Lehman Bros. who owned Pro Sports Management in San Diego, faces up to 17 years in state prison and a $10,000 fine when he is sentenced in January.

“I took money from the accounts of [the company], and the funds were converted for my own use,” a somber Gillette told Superior Court Judge Bernard Revak.

Prosecutor Peter Longanbach said Gillette stole between $10.5 million and $11.5 million and that a major portion of the money was spent on Pro Sports Management and in buying a half-interest in a San Diego restaurant Gillette owned with San Diego Charger linebacker Junior Seau.

The biggest loser was Dallas Cowboy safety Darren Woodson, who lost $2.5 million. Others who lost money were Seau ($1.25 million), Washington Redskin safety Stanley Richard ($1.25 million), Jacksonville Jaguar tackle Tony Boselli ($250,000), Jaguar quarterback Rob Johnson ($150,000), New Orleans Saint safety Je’Rod Cherry ($100,000), and Detroit Lion receiver Johnnie Morton ($100,000).