A Colleyville man was sentenced Tuesday to 15 years in prison in a wind farm scam that spanned eight years and cost investors in 11 states more than $3.5 million, prosecutors said.
David Lyman Spalding, 62, was convicted of duping investors by fraudulently selling promissory notes in two companies, Wind Plus Inc. and Baseload Energy LLC., from 2003 until 2011.
An FBI investigation found he promised to repay investors in 60 days to one year but in fact diverted the money for his own use and lied about Wind Plus’ bankruptcy.
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Prosecutors said Spalding took trips all over the world and bought a home on Spring Garden Drive in Colleyville.
He was sentenced by U.S. District Judge Barbara Lynn in federal court in Dallas.
Spalding was arrested in July 2015.