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Execs pledged their stock as loan collateral

And then the crooks dumped the stock to fund the loans

A Florida-based financial manipulator was found guilty by a San Diego federal jury yesterday (November 21) of 16 counts of mail fraud, wire fraud, securities fraud, and conspiracy.

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Along with two others, Jeffrey Spanier set up a stock-loan fraud in which executives and shareholders of publicly traded corporations pledged their stock as collateral for loans that Spanier and his fellow conspirators provided.

But without the victims' knowledge or approval, Spanier and buddies sold the pledged stock so he could fund the loans. All told, the victims got taken for more than $100 million, according to evidence introduced at trial. Spanier was the third to be convicted of this scam. One of the co-conspirators, James Miceli, committed suicide before he went to trial; another, James McClain Jr., is already serving a sentence.

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A Florida-based financial manipulator was found guilty by a San Diego federal jury yesterday (November 21) of 16 counts of mail fraud, wire fraud, securities fraud, and conspiracy.

Sponsored
Sponsored

Along with two others, Jeffrey Spanier set up a stock-loan fraud in which executives and shareholders of publicly traded corporations pledged their stock as collateral for loans that Spanier and his fellow conspirators provided.

But without the victims' knowledge or approval, Spanier and buddies sold the pledged stock so he could fund the loans. All told, the victims got taken for more than $100 million, according to evidence introduced at trial. Spanier was the third to be convicted of this scam. One of the co-conspirators, James Miceli, committed suicide before he went to trial; another, James McClain Jr., is already serving a sentence.

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4

The rich may conspire among themselves all they want, even take down the economy with shell games like CDOs; just so long as the victims are the Other, the poors and disempowered, none of them will see the inside of a court room.

Ah, but if they make the mistake of defrauding others of their class, they feel the full weight of justice.

It will be interesting to see how the system will function under Trump's tenure, as for all intents and purposes it looks as though they'll be no accountability at all, and everyone is going to be scamming everyone else, high and low.

Nov. 22, 2016

CAssander. In 1920, the great journalist H.L Mencken wrote, I am told (I have not yet checked it for authenticity)' that the American public would keep voting for presidents whose characteristics were so similar to those of its citizens that the country would elect a "fool" who was a "narcissist." HMmm. BEst, Don Bauder

Nov. 22, 2016

It was Little Dougie, Doug McClain Jr. who is serving 15 years in federal prison and ordered to pay a $81 million fine. Like father, like son. His father, Doug McClain Sr. was engaged in organized crime and was a figure behind several affinity frauds, busting out coal mines and money laundering.

Doug McClain Jr.s' sidekick, James T. Miceli, got started in Chicago as a builder who would take deposits for custom homes and never build them. He served time in Illinois prison for assorted financial misdeeds. Later he would serve time in federal prison and was released in 2012. Evidently he was not inclined to return.

Nov. 22, 2016

Ponzi.. I did not know any of this. BEst, Don Bauder

Nov. 22, 2016

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