The Securities and Exchange Commission filed changes in San Francisco, alleging that Del Biaggio, founder of venture capital firm Sand Hill Capital, used his gains to pay off gambling debts and finance his $25 million stake in the hockey team, The New York Times reported Friday.

The complaint against Del Biaggio says he used $19 million of investors' money "as his personal checkbook" and forged documents to obtain $45 million in loans, the Times said.

Michael Dicke, associate regional director of enforcement for the SEC, said Del Biaggio agreed Thursday to be permanently barred from working as an investment adviser. Del Biaggio resigned from Sand Hill Capital in May and filed for bankruptcy in June, the Times reported.

Dicke said Del Biaggio made up names with Sand Hill Inc. in them to impress investors. Sand Hill is the name of a road that includes other venture capital firms.

Del Biaggio's lawyers at Keker & Van Nest in San Francisco did not respond to requests for comment, the Times said.