96. The Islanders (John Spano)
Swindled
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John Spano's Mistakes
John Spano's parents and sister put up their homes for collateral to Bellhill Mount on July 28, 1997. The only guy who lost the money in all this was John Spano. He pleaded guilty to mail fraud, wire fraud, and bank fraud charges. On January 13, 1998, he was ordered to pay total restitution of more than $11 million. By the time Spano was sentenced, the New York Islanders had been sold to two businessmen,. named Howard Milstein and Steve Gluckstern for $195 million.
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