Bruce W. Spinney, III, 49, of Grafton, Massachusetts, was arrested today on charges of defrauding investors in his cannabis company and for conducting an unlawful monetary transaction.
According to the indictment, after resigning as Chair of the Grafton Select Board in August 2019, Spinney solicited hundreds of thousands of dollars from several investors for his new marijuana dispensary venture, Noble Manna, Inc. Prior to incorporating Noble Manna in October 2019, Spinney operated Spinney Enterprises, a rental equipment and rental linen business that accumulated large amounts of debt.
The indictment alleges that Spinney told Noble Manna investors that he would be using the money toward the construction and licensing of marijuana dispensaries in Grafton and Mendon, Mass. However, it is alleged that contrary to his representations about his use of the investment money, Spinney immediately used investors’ money to pay-down previously existing debts for his linen and rental business including payments to debt collectors, outstanding business loans, cash withdrawals and personal expenses.
It is further alleged that in March 2020, Spinney used the proceeds of the wire fraud scheme to transfer $27,000 to pay a debt related to his rental business in an unlawful monetary transaction.
Defendant: Bruce W. Spinney, III
Criminal Charges: Three counts of wire fraud, one count of conducting an unlawful monetary transaction
City and State: Grafton, Massachusetts
Exact Date: [No specific date mentioned]
Sentence or Outcome: Released on conditions following an initial appearance in federal court in Worcester
Dollar Amounts: Hundreds of thousands of dollars, $27,000
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Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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