John Spano Jr., who once tried to purchase the New York Islanders, was convicted on fraud-related charges in Ohio and could face up to 16 years in prison.
The 50-year-old Spanos pleaded guilty Monday to 16 counts of forgery after he collected close to $70,000 in sales commissions on fraudulent accounts that he created. He remains free on bond before sentencing next month in a Lake County (Ohio) courtroom.
In 1996, Spano conned the NHL into believing he was a wealthy Texas businessman when he attempted to buy the Islanders. After persuading banks to lend him $80 million to purchase the team for $165 million, he was unable to make a $5 million downpayment and the scheme unraveled, leading to an FBI investigation.