Jig Is Up for Stock Loan Swindler

SAN DIEGO (CN) — A Florida businessman faces up to 325 years in federal prison after a jury on Monday convicted him of conspiring in a $100 million stock loan fraud.

Jeffrey R. Spanier, 51, of Delray Beach, was convicted of conspiracy and 15 counts of mail fraud, wire fraud and securities fraud.

With two co-conspirators, Spanier, former owner of Amerifund Capital Finance, of Boca Raton, borrowed stock, ostensibly as collateral for loans, but immediately sold the stock to fund the loans, defrauding the shareholders and executives of the public companies from whom they had taken the pledged stock.

Spanier’s co-conspirator James Miceli killed himself before his criminal trial.

Their co-conspirator Douglas McClain Jr. is serving 15 years in federal prison and was ordered to pay $82 million in restitution.

Spanier also was ordered to forfeit millions of dollars in cash and property, including his home in Delray Beach. He will be sentenced on Feb. 27, 2017.