Scott Ellis 12:01 p.m., March 1
Three Charged with Running Stock Loan Scam
The U.S. Attorney's office today (March 15) unsealed an indictment charging James Miceli, Jeffrey Spanier, and Douglas McClain Jr. with multiple counts of mail, wire and securities fraud, and money laundering.
Allegedly, Miceli and McClain operated several entities in San Diego and Savannah, Georgia, under the name Argyll, while Spanier ran a loan brokerage business in Florida named Amerifund.
According to the indictment, the three committed fraud in getting borrowers to pledge stock they owned as collateral for loans.
The three falsely said that the stock wouldn't be sold unless there was a loan default; borrowers were not told that the three intended to sell the stock all along. The three were charged with using "manipulative and deceptive devices." It was a $51 million scam, charges the indictment.
More like this:
- Execs pledged their stock as loan collateral — Nov. 22, 2016
- Collateral damage on and off Wall Street — June 23, 2014
- Argyll Equities fleeced top executives, others — Dec. 22, 2013
- "Loan Modification" Telemarketer Indicted — March 23, 2010
- Six Charged in San Diego Fraud as Part of National "Malicious Mortgage" Campaign — June 19, 2008