Omaha Sports Academy founder charged in embezzlement of almost $400,000 | Crime News

A founder of the Omaha Sports Academy siphoned almost $400,000 from the business to his bank account over about four years, a prosecutor said.

Bob Franzese, 48, was charged Thursday with two counts of theft by unlawful taking. If convicted, he faces up to 40 years in prison.



Franzese turned himself in Wednesday at the Douglas County Jail. His attorney, Mark J. Foxall, said in court Thursday that Franzese was not a flight risk because of his numerous ties to the community.

Douglas County Judge Sheryl Lohaus agreed and granted Foxall’s request for a $25,000 bail for Franzese. He would have to post 10{ac8e717143a10a5ee6a00f1f1b38bfdd890a90ce9e13e24babf4350f8831923a} of that amount, or $2,500, to be released. Franzese was no longer was listed in jail census Thursday night.

Investigators had been looking into Franzese’s financial records and suspected that he was using the money for gambling, Douglas County Attorney Don Kleine has said.

A prosecutor said Thursday that subpoenas showed Franzese made 32 total deposits into two different bank accounts that accounted for the missing amounts of money from Fast Break Sports LLC. Fast Break Sports is the limited liability company associated with the Omaha Sports Academy and the Predator Basketball League.