Jeffrey Spanier was convicted by a federal jury on Friday, December 20, for his role in a scam that took $100 million from people, including top executives.
Spanier, Douglas McClain, and James Miceli ran an operation through San Diego's Argyll Equities that provided loans to business executives and others who put up stock they owned as collateral. The three scammers said that Argyll had lots of money to lend; actually, it had none.
The loans were funded when the stocks put up for collateral were sold. The three had promised the victims that the stock would only be sold if there was a default.
McClain was found guilty on all counts in May. Miceli committed suicide before the trial. Spanier was convicted Friday of mail, wire, and securities fraud, as well as conspiracy.