A federal jury Wednesday convicted a Texas man of bilking investors of $3.7 million in a wind farm scam, and spending the money on a pricey suburban home and extravagant foreign trips.
David Lyman Spalding, 62, of Colleyville, was convicted of two counts of wire fraud, two counts of making false testimony under oath in a bankruptcy proceeding and one count of making a false statement in a bankruptcy case.
He faces up to 20 years in federal prison and $250,000 in fines on each of the fraud counts and up to five years and $250,000 in fines on each of the other counts.
During the seven-day trial before U.S. District Judge Barbara M.G. Lynn, prosecutors said Spalding raised the money from 97 investors in 11 states.