April 8, 2015- Dallas, Texas
David Lyman Spalding of Colleyville, Texas was convicted by a federal jury on wire fraud, mail fraud and making false statements in connection with a bankruptcy case. See this FBI release for more information.
The prosecution presented evidence that from 2003 through 2011 Spalding raised $3.7 million from 97 investors in 11 states based upon false representations about his companies Wind Plus Inc. and Baseload Energy LLC. Spalding diverted funds from those entities to his personal travel and other expenses.
Each fraud count carries a maximum sentence of 20 years and a fine of $250,000. The other counts carry lesser sentencing and fines. Sentencing is set for July 29, 2015.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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