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When the new owner of the New York Islanders met with Nassau County officials in the spring of 1997, he was looking for more than just a new arena for the hockey team. John Spano demanded the right to develop a half-billion dollar project in the heart of the 1.3-million person county. But when Spano missed a scheduled $16.8 million payment for the team, a small team of Newsday reporters began looking into the dispute and his claims of vast wealth. They unearthed a startling tale of the fraud he used to win approval from the hockey league and major banks.