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Jury finds man guilty of defrauding investors of $3.7M

DALLAS — A Dallas federal jury has found a Colleyville man guilty of defrauding investors of nearly $4 million by selling them stakes in wind farms that were nothing but hot air.

The Dallas Morning News reports 62-year-old Dave Spaulding was convicted Wednesday on two counts of wire fraud and one count of mail fraud.

He also was found guilty on two counts of making false testimony under oath in a bankruptcy proceeding and one count of making a false statement in a bankruptcy case.

Federal agents arrested Spaulding in November 2013 following accusations that he stole $3.7 million from investors spread over 11 states between 2003 and April 2011.

His sentence hearing has been scheduled for July.

In related news, Texas city to switch from fossil fuels to solar, wind.


Information from: The Dallas Morning News, http://www.dallasnews.com

This article was from The Associated Press and was legally licensed through the NewsCred publisher network.

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