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Floridian Jeffrey Spanier was today (June 23) sentenced to serve ten years in custody for his role in a $100 million stock loan fraud. The case was handled by San Diego's U.S. Attorney's office. Spanier was ordered to forfeit $10.7 million to victims.

In April of 2012, Spanier and two associates, Douglas McClain Jr. and James Miceli, were charged with multiple counts of conspiracy; mail, wire, and securities fraud; and money-laundering. Miceli committed suicide.

In May of 2013, a grand jury returned guilty verdicts on all counts against Spanier and McClain. According to trial testimony, Spanier, through Amerifund Capital Finance, working with McClain and Miceli, fraudulently induced corporate executives to pledge stock in publicly held companies as collateral on loans. The conspirators promised the stock would not be sold unless there was a default. But the stock was dumped the day after it was pledged. When loans were paid off, borrowers could not get their stock back.

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Comments

shirleyberan June 24, 2014 @ 11 a.m.

Looks like 2 Boca Raton Floridians were main conspirators, not sure but I would be wary of Florida business. Miceli, the Poway guy didn't wait to be sentenced. As well as all over, must have defrauded San Diegans to have held court here. 40-50 year-olds purposefully chose the life. When you work and try and do as much right as you can, then bankruptcy court takes everything from a legit business of yours, who's the bad guy? In my case, the company is moved to Nevada, allowed to absorb all of my stock for the new shareholders and will continue operations on my dime. That should be illegal and is especially cruel.

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Don Bauder June 24, 2014 @ 11:34 a.m.

shirleyberan: The four fraud capitals of the U.S. are South Florida, Southern Calfornia, Las Vegas, and New York City (Wall Street).

The states that are easiest on fraud are Florida, Nevada, Utah, and Delaware. Best, Don Bauder

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