Felony Charges For Former Gopher And His Wife
Sam Jacobson, a former Gopher basketball star, and his wife were charged with felonies in Dakota County District Court, regarding the sale of his home.
They were charged with theft by false representation and theft by swindle in connection with the August 2011 sale.
Jacobson had filed for bankruptcy and was forced to do a short sale on the home. That means the house was worth less than was owed on the mortgage. So the lender then eats the loss.
According to the Star Tribune, lender JPMorgan Chase approved the sale to keep it from going into foreclosure. The sale was made to Traci Jacobson, who was Traci Quam and his live-in girlfriend at the time. According to the rules of the sale, Sam Jacobson was supposed to move out and the buyer and seller were supposed to be unrelated parties.
According to the charges, Quam then quickly sold the home in late 2011 for $538,000, for a big profit of $176,000. Quam then put the profit into another house on Cobblestone Lake Parkway in Apple Valley, and then was engaged to Jacobson on the day that transaction closed. The two were married in June 2013, and they still live in the Cobblestone Lake Parkway home.
Jacobson played for the Gophers in the mid to late '90s. He ranks fourth in school history in points scored in a career. In 1997-98, he averaged a career-high 18.2 points per game.
In 1996-97, he helped Minnesota reach the Final Four. But because of an academic cheating scandal under head coach Clem Haskins, that season was wiped off the books.
The Lakers chose Jacobson in the first round of the 1998 NBA draft. His 68-game NBA career included 49 with Golden State and ended in 2001 with 14 games with his hometown Timberwolves. His NBA earnings totaled slightly more than $2 million. He has not played professionally since 2007.