John Spano
John A. Spano Jr. is an American convicted fraudster notorious for his audacious 1997 attempt to purchase the New York Islanders NHL franchise through fabricated wealth and forged documents[3][4][5]. Posing as a Texas multimillionaire, Spano briefly controlled the team before his scam unraveled, leading to federal prison time and multiple subsequent fraud convictions[1][2][3].
Early Life and Business Ventures
Born in New York and raised in Ohio, Spano portrayed himself as a successful entrepreneur from Dallas.
In the early 1990s, he entered a joint venture called Pointerware with South African firm Lenco Holdings Ltd., manufacturing aluminum cookware. Spano managed U.S. operations, receiving $15,000 monthly, but allegations later surfaced of mismanagement and false claims of a $150 million net worth[2].
By 1995, Spano had inquired about buying NHL teams like the Dallas Stars and Florida Panthers, deals that collapsed over financing issues.
These efforts built his facade as a serious sports investor[5].
New York Islanders Purchase Scam
In 1996, Spano negotiated to buy the Islanders from owner John O. Pickett for $165 million. He submitted forged documents claiming ownership of the Bison Group (a small equipment-leasing firm) and a massive trust fund.
The NHL, led by Commissioner Gary Bettman, approved the deal swiftly, viewing Spano as a savior for the struggling franchise. Banks loaned $80 million, with Spano supposedly covering the rest[3][4][5][6].
Downfall and Legal Consequences
The scheme collapsed in June 1997 when Spano failed to deliver a $17 million payment-bouncing a check and wiring just $1,700.
An FBI probe revealed forgeries. Spano relinquished control, and Pickett regained the team. In 2000, he pleaded guilty to theft and forgery, receiving nearly six years in prison and $11.9 million restitution[3][4][6].
Key Fraud Elements
- Forged financials: Inflated Bison Group value and fake trust funds[2][5].
- NHL approval: Spano's prior team inquiries lent credibility[5].
- Post-scam quote: In ESPN's 2013 "Big Shot" documentary, Spano called it "a game," noting how elite circles skip scrutiny[3][4].
| Event | Date | Outcome | Restitution/Prison |
|---|---|---|---|
| Islanders Fraud | 1997 | Guilty plea (theft/forgery) | 6 years, $11.9M[3][4] |
| Mail Fraud (Finance Co.) | Post-2000 | Guilty plea | 4+ years[3] |
| Forgery at Image First (2011) | 2013 | 16 counts guilty | 10 years, $75K[4] |
Later Crimes and Repeat Offenses
After prison, Spano relocated to northeast Ohio.
He launched a sham finance company, defrauding clients of undelivered services via mail fraud, earning another four-year sentence. In 2011, hired as a driver by Image First Healthcare Laundry Specialists, he was promoted to sales but forged invoices for fictitious services, netting thousands in commissions. Convicted on 16 forgery counts in 2013, he received 10 years and $75,000 restitution[3][4].
"You ride in the right circles and people just stop asking questions." - John Spano, ESPN's Big Shot (2013)[3][4]
Legacy and Cultural Impact
Spano's Islanders saga is a cautionary tale of due diligence in sports ownership.
It embarrassed the NHL and inspired the 2013 ESPN 30 for 30 documentary Big Shot, where Spano reflected unrepentantly. No relation to entrepreneur Jonathan Spano, founder of Traffic Management, Inc., despite name similarity[1]. His story underscores risks of unchecked ambition in high-stakes business.
- Highlighting fraud's persistence: Multiple post-prison schemes[3].
- Impacts on victims: Banks, Islanders owners, and employers defrauded millions[4].
- Media portrayal: From "savior" to "hustler" in headlines[6].
Though released by 2026, Spano's pattern suggests ongoing legal shadows.
His exploits remain a stark reminder: Charisma alone cannot forge lasting success.