Three Men Charged with Securities Fraud in Alleged $51M Stock Loan Fraud Scheme
Last week, officials unsealed a criminal indictment that charged three
men with securities fraud and other fraud charges in connection to an
alleged $51 million stock loan fraud scheme. Officials assert that the
scheme defrauded people in multiple states, including California, Georgia,
According to a
recent press release, the indictment alleges that through several business entities (including
those operating under the name “Argyll” and “Amerifund”)
James T. Miceli, of Poway, California; Douglas McClain, Jr., of Savannah,
Georgia; and Jeffrey Spanier, of Delray Beach, Florida, fraudulently induced
borrowers to pledge stock held in publicly traded companies as collateral
for loans. Borrowers were allegedly told that their stock would not be
sold unless the loan went into default.
The indictment further alleges that Miceli, McClain, and Spanier falsely
represented Argyll as an institutional lender, which possessed significant
cash to lend to various individuals. The men also allegedly failed to
disclose the fact that Argyll intended to sell the stock to fund the collateral
loans and to fund the men’s various business ventures.
Miceli, McClain, and Spanier were each charged with one count of conspiracy,
seven counts of mail fraud, 15 counts of wire fraud, one count of securities
fraud, and 11 counts of money laundering in connection to the alleged
stock loan fraud scheme. If convicted, the men could each face more than
20 years in prison.