Spano Case Ends With Guilty Plea

John Spano Jr., whose deal to buy the New York Islanders fell apart when he was unable to meet the payments, pleaded guilty Tuesday to criminal charges related to his efforts to purchase the team.

Spano was accused of making fraudulent claims to obtain the $80-million loan from Fleet Bank in Uniondale, N.Y., that he used to buy the team in April. Spano also spent $400,000 of the team’s money after fraudulently assuming ownership.

Spano could be sentenced from 51 to 63 months.

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