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November 1, 2012

MAN SENTENCED TO 10 YEARS IN PRISON FOR STEALING OVER $280,000 FROM WOMAN IN FAKE GOLD INVESTMENT SCHEME

Filed under: California Defense Attorney — Tags: , , , — fayarfa @ 4:59 pm

SANTA ANA - A man was convicted and sentenced to 10 years in state prison today for stealing over $280,000 from a woman in a fake gold investment scheme. William Scott Spalding, 47, Irvine, pleaded guilty to 13 felony counts of money laundering, three felony counts of grand theft and one felony count of first degree residential burglary. He admitted to sentencing enhancement allegations for committing a theft over $100,000, committing an aggravated white collar crime over $100,000, property loss over $200,000, and laundering money exceeding $150,000. Spalding was also ordered to pay restitution and a fine of $576,000.

On March 6, 2011, Spalding visited 51-year-old Jane Doe, whom he met through an acquaintance, at her home. He claimed to be an investor and promised large returns on her investment if she bought gold from him.

On March 13, 2011, Spalding received $58,000 in cash from Jane Doe. The next day, Spalding received another $180,000 from Jane Doe through a wire transfer. On March 23, 2011, Spalding received an additional $50,000 from Jane Doe. Spalding distributed the money across multiple personal bank accounts and spent the money on expensive personal purchases including a high-end Mercedes-Benz and payments on a house. Spalding used the money for personal use and never purchased the gold he promised or returned any of the money to Jane Doe.

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