Boots’s dad resigns Heritage board positions
William J. Del Biaggio Jr., a director and founding chairman of Heritage Commerce, parent company of Heritage Bank of Commerce, resigned from the boards of both Monday, according to a filing with the SEC on Thursday. San Jose-based Heritage Bank of Commerce last month sued Del
Biaggio’s son, William ”Boots” Del Biaggio III (pictured here with his father), accusing him of using trading accounts that were not his to secure a $4 million loan with the bank that he has not repaid.
Since then several other lenders have filed suit, claiming they, too, have been defrauded into lending Del Biaggio III money that he has yet to repay. On Friday he filed for personal bankruptcy, $56.8 million owed to his 20 top creditors. A second bankruptcy filing, for his
investment fund, lists debts of $10.6 million. His personal bankruptcy attorney said the final
tally eventually would come to about $50 million in assets and $70 million in liabilities.
The elder Del Biaggio, who was just recently re-elected to the board, is an executive vice president of the company and has served as its business development officer since 2002. Father and son founded Heritage Bank in 1994 with the intention of creating a bank designed to help small, closely-held businesses and their owners in San Jose and the surrounding communities.
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What a shame. Bill (the father) is a genuinely good guy. Boots is a punk.
Father’s resignation was to be expected.
Lon Normandin should now resign from the Board of Directors. Lon has supported Boots all along and should take some measure of responsibility for Boots’ enormous mistakes.
Agreed. It is a shame that the acts of a child can ruin the fine name of truly decent man.
We all make mistakes, and I hope they both learn from this one. Mainly, do not raise your children with a golden spoon stuck in their mouths!
Agreed. It is a shame that a good man’s name is tarnished due to the acts of a child.
Everything is a learning experience. Hopefully, many will learn from this that it does not pay to raise children with golden spoons stuck in their mouths.
I am not sure what is worse, that this has happened or that so many people seem to be having fun tracking this as it unfolds.