DALLAS (AP) — A North Texas man must serve six years in federal prison for running a wind farm investment scam.
David Lyman Spalding of Colleyville was sentenced Tuesday in Dallas and ordered to repay nearly $3.4 million.
A jury last April convicted the 62-year-old Spalding of wire fraud, mail fraud, bankruptcy fraud and providing false testimony under oath.
Prosecutors say Spalding, from 2003 through early 2011, raised millions of dollars from nearly 100 investors in 11 states. Investigators say Spalding diverted funds from Wind Plus Inc. and Baseload Energy LLC for uses not related to the businesses.
Spalding in 2009 filed for bankruptcy for Wind Plus Inc. and Wind Plus Holdings Inc. He continued to seek investors for Baseload Energy, not revealing that some staff quit after not getting paid.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.