Four college basketball coaches charges with bribery, fraud

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(CNN) - Federal officials announced Tuesday the arrests of 10 people - including four college assistant basketball coaches - on charges of corruption and fraud.

The coaches are Auburn's Chuck Person, Oklahoma State's Lamont Evans, University of Southern California's Tony Bland and University of Arizona's Emanuel Richardson.

Prosecutors say the coaches took bribes and kickbacks in exchange for steering their college players to corrupt financial advisors. The goal was for the athletes to retain those advisors upon entering the NBA.

The bribes ranged from $13,000 to almost $100,000.

"The picture painted by the charges brought today is not a pretty one. Coaches at some of the nation's top programs soliciting and accepting cash bribes," says Joon H. Kim, Acting US Attorney for the NY Southern District. "Managers and financial advisors... circling blue chip prospects like coyotes."

The investigation is ongoing.