Former NHLer Facing up to 10 Years in Prison in Failed Gold Investment Venture

They say gold is always a safe bet when it comes to investing. One former NHLer is learning the hard way that it still has to be handled properly.

According to AftonBladet, Michal Sykora, who played close to 270 games in the NHL over the course of his pro career, is facing up to 10 years in prison in Czechia after a failed gold investment scheme. Sykora started investing in gold shortly after retiring from pro hockey in 2005. Court documents state things went very well at first, but Sykora has now claimed bankruptcy, and allegedly owes $1.25 million USD to 37 different creditors, several of them former teammtes.

The whole thing allegedly goes much deeper than that. After claiming bankruptcy earlier this year, Sykora is accused of taking a payment of around $250,000 USD from his company account and adding it to his personal funds. That's despite the fact that no creditors have been paid. In addition, Sykora claims that million of dollars worth of gold mysteriously disappeared from a personal safe, and he has no idea where it went.

If he is found guilty, Sykora could be sentenced up to 10 years in prison in the Czech Republic.

Michal is the brother of Peter Sykora, who played more than 1000 games in the NHL and won two Stanley Cups. Michal started his career in San Jose when he was taken by the Sharks in the sixth round in 1992.

The defenceman also played for the Chicago Blackhawks, Tampa Bay Lightning, and Philadelphia Flyers before leaving the NHL to continue his career at home. He retired from playing pro in 2005.

Source: AftonBladet

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