David Lyman Spalding, Wind Farm Investment Scam, Texas 2015

DALLAS

A Texas man was sentenced to 180 months in federal prison and ordered to pay $3,391,146.80 in restitution for running a nearly $4 million wind farm investment scam, according to prosecutors.

David Lyman Spalding, 62, of Colleyville, Texas, was sentenced today by U.S. District Judge Barbara M. G. Lynn to 180 months in federal prison.

Spalding was also ordered to forfeit $160,893.31, which represents the proceeds of the sale of his residence on Spring Garden Drive in Colleyville.

The government presented evidence at trial that from at least 2003 and continuing through approximately April 2011, Spalding raised approximately $3.7 million from 97 investors in 11 states.

Spalding made false representations to get investors to invest in promissory notes issued by Wind Plus, Inc. and Baseload Energy LLC and diverted the funds for his own benefit, to include purchasing real estate and extensive international travel not related to either Wind Plus or Baseload.

When Spalding filed bankruptcy in November 2009 for Wind Plus Inc. and Wind Plus Holdings Inc., he continued to solicit investors for Baseload energy, promising that funds would be used to build infrastructure for renewable energy projects.

Spalding was convicted at trial on all counts of a superseding indictment charging various offenses related to the wind farm investment scam, including false statements, mail fraud, and wire fraud. He has been in federal custody since July 2015.

The FBI investigated the case, and Assistant U.S. Attorney Chris Stokes and Special Assistant U.S. Attorney Dan Gividen prosecuted.

The case was announced by U.S. Attorney John Parker of the Northern District of Texas.

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