MINNEAPOLIS (WCCO) — WCCO Radio has learned that Sam Jacobson, the former Gopher basketball star who went on to a brief NBA career, is charged with two felony counts of theft in Dakota County for a home sale in 2011.
Jacobson’s current wife, Traci Quam, is also charged.
Investigators say 41-year-old Jacobson sold his Apple Valley home to Quam — his then live-in girlfriend — in August of 2011 via short sale.
As part of the short sale, both Jacobson and Quam agreed that the seller could not remain in the property.
But investigators say Jacobson continued to live in the home, and the couple then immediately prepared the home to resell. The home was sold for $538,000 in December of 2011, resulting in a profit of more than $176,000.
“This [house] was sold in a way that was illegal,” said Dakota County Attorney Jim Backstrom. “It was not an arm’s length transaction, and the mortgage company suffered a financial loss as a result of that.”
Quam used the profits from the sale of the home to purchase another Apple Valley home for $552,500. She became engaged to Jacobson on the day she closed on the home. They were married in June of 2013.
The Jacobsons are both charged with one count of theft by false representation and one count of theft by swindle.
According to state statute, each count carries a maximum penalty of 20 years in prison and a $100,000 fine. But Backstrom says it is a presumptive probation offense, meaning the Jacobsons would each face, at most, up to a year in county jail if convicted.
Jacobson, who played for the Gophers from 1994 to 1998, is fourth all-time in points in Gopher men’s basketball history.
He was the first-round pick of the Los Angeles Lakers in 1998. He also played for the Golden State Warriors and the Minnesota Timberwolves in his brief NBA career.
Backstrom says Sam Jacobson will appear in court Oct. 24. He is not in custody.