Former JJB Sports chief executive Chris Ronnie has been found guilty of a £1m fraud that helped to fund a luxury lifestyle.
Ronnie was found to have taken payments from a supplier. He used the cash to buy a luxury bungalow in Florida.
As well as three counts of fraud he was found guilty of two of furnishing false information after forging a loan document to conceal his assets.
Ronnie became chief executive of JJB after buying a 29% stake from founder Dave Whelan in 2007.
The deal surprised many observers because Ronnie had formerly worked for JJB’s arch-rival, Sports Direct.
In 2008 JJB bought US trainer brand Travel Fox from Performance Brands, controlled by David Ball and David Barrington. He received a £650,000 cut on the deal.
He received two further payments in connection with Travel Fox.
But Ronnie came under scrutiny as JJB suffered dismal trading. In 2009 it was discovered that he had lost control of his stake in JJB without notifying the company and he was dismissed.
Ronnie had attempted to conceal his assets when Icelandic bank Kaupthing Singer and Friedlander, which financed the purchase of his stake in JJB, wanted its cash back in the aftermath of the banking crisis.
Ronnie will be sentenced on December 12. Ball and Barrington, who were found guilty on two counts of perverting the course of justice, will be sentenced the same day.
Former JJB Sports boss Chris Ronnie jailed for four years over fraud
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Ex-JJB Sports chief executive Chris Ronnie found guilty of fraud