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.
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.