Financier gets 10 years for $100 million fraud

SAN DIEGO (AP) — Authorities say a Florida financier who bilked victims around the world in a $100 million loan fraud has been sentenced to 10 years in federal prison.

Jeffrey Spanier also was ordered to pay nearly $21 million in restitution at his sentencing Monday in San Diego.

Prosecutors say Spanier ran the scam through his Boca Raton-based company, Amerifund Capital Finance.

Authorities say Spanier and others got corporate executives in the U.S., Canada, Mexico, Panama, China, England and Belgium to pledge stocks they held as collateral for loans.

The stock was supposed to be held but instead it was sold and the returns used to fund more loans.

Spanier was convicted last year of fraud and conspiracy.

Douglas McClain Jr., also was convicted. A third man, James Miceli, committed suicide before trial.