- Associated Press - Thursday, April 13, 2017

SAN DIEGO (AP) - A Florida brokerage owner who bilked people worldwide with a $100 million stock-loan swindle has been sentenced to eight years in federal prison.

Jeffrey Spanier also was ordered to pay about $20 million in restitution at a hearing Thursday in San Diego.

Spanier once owned Amerifund Capital Finance of Boca Raton. He was convicted of fraud and conspiracy.

Prosecutors say Spanier and his San Diego partners victimized corporate executives in more than a half-dozen countries. The executives pledged millions of dollars’ worth of stock they held in publicly traded companies as collateral for loans.

Authorities say the swindlers promised the stock was safe but immediately sold it and used the money to fund other loans in a Ponzi scheme.

The sales caused stock prices to plummit.

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