SANTA ANA, Calif. (AP) — Los Angeles Clippers announcer Michael Smith is charged with stealing $735,000 from a golfing buddy in a development deal gone bad.
Orange County District Attorney spokeswoman Farrah Emami says the 44-year-old Smith and his business partner Bruce Furst are scheduled to be arraigned Thursday on charges of felony grand theft.
Authorities say Smith persuaded his friend to put up his home as collateral for a $735,000 loan so Smith and Furst could develop land in Dana Point.
Smith’s attorney Dyke Huish says the deal went sour after the housing market collapsed and they couldn’t immediately repay the loan. He says Smith has been working to pay back the money.
Emami says the lender now faces losing his home.