Massapequa man pleads guilty to defrauding investors in aspirin company scheme, feds say

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A Massapequa man admitted Monday to scamming more than 70 investors out of $3.5 million, purporting to have a company making a powdered aspirin that could stop heart attacks and strokes, New Jersey federal prosecutors said.

Donald A. Milne III, 57, who founded Instaprin Pharmaceuticals Inc. and later SPI Acquisition Corp., faces up to 20 years in prison after he pleaded guilty via video conference to one count of securities fraud before U.S. District Judge Michael A. Shipp, said Rachael A. Honig, acting U.S. attorney for New Jersey.

Milne, who will be sentenced in March, will also pay a $5 million fine.

According to prosecutors, after Milne founded SPI, which operated in Merrick, in 2010, he founded Instaprin in 2012.

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