Former Grafton, Massachusetts, selectman Bruce W. Spinney III has pleaded guilty to federal fraud charges related to allegations he defrauded investors in his cannabis company, the Worcester Telegram & Gazette reports. Spinney pleaded guilty September 9 in U.S. District Court in Worcester to two counts of wire fraud and one count of making an unlawful monetary transaction.
Spinney was arrested in June 2024 following the allegations. Prosecutors claimed he defrauded investors in a cannabis company during the permitting process in Grafton and Mendon between 2019 and 2021.
Prosecutors said Spinney took hundreds of thousands of dollars from investors. According to the allegations, he used the cash to pay down debts from his linen and rental businesses.
Prosecutors also claimed the funds went toward personal purchases, including electronics and pizza. They further alleged that Spinney used investor money to pay off $10,435 in real estate taxes.
Spinney resigned from his position on the selectboard prior to seeking a host community agreement for his cannabis facility in Grafton.
William H. Connolly, an attorney for Spinney, said in a statement released Tuesday that his client made a “mistake” and took responsibility for it by pleading guilty.
“It’s important to note that the investors in this matter were paid back prior to the initiation of any criminal charges. Their investments were for a valuable asset held by Mr. Spinney, and ultimately through the sale of that asset, the investors either received their money back or chose to maintain their investment in a dispensary that is operating today,” Connolly said in a statement, via the Telegram & Gazette.
Spinney is expected to be sentenced on December 10. Prosecutors are likely to request that he serve 15 months in prison, according to court records outlined by the Telegram & Gazette.
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