In a recent development from Boston, Bruce W. Spinney, III, 49, previously the Select Board chair of Grafton, Massachusetts, was arrested on Friday June 7th, 2024, for allegations of defrauding investors in his marijuana business and engaging in an illegal financial transaction.
Spinney faced indictment charges yesterday for three instances of wire fraud connected to deceptive practices aimed at investors in his cannabis venture, Noble Manna, Inc., and one count of conducting an illegal monetary transfer. Following his arrest today, Spinney made his initial federal court appearance in Worcester and was subsequently released under specific conditions.
The charges stem from accusations that following his August 2019 resignation from the Grafton Select Board, Spinney sought significant investment for Noble Manna, a venture he started in October 2019. Before this, he managed Spinney Enterprises, dealing in equipment and linen rentals, which had amassed considerable debt.
The prosecution claims that despite Spinney’s promises to utilize the investment for constructing and licensing cannabis dispensaries in Grafton and Mendon, Massachusetts, he instead redirected these funds to settle old debts from his previous business. These funds were allegedly used for payments to debt collectors, outstanding business loans, cash withdrawals, and personal expenditures.
It is also claimed that in March 2020, Spinney misappropriated $27,000 from the fraudulent activities to resolve a debt associated with his rental business, marking it as an illicit financial transaction.
The wire fraud charges against Spinney could lead to a maximum of 20 years in prison, a $250,000 fine or double the financial gain or loss from the crime, and three years of supervised release. The illegal monetary transaction charge could result in up to 10 years in prison, a similar fine, and two years of supervised release. These penalties are determined by a federal judge based on the U.S. Sentencing Guidelines and other statutory factors.
Announced by Acting U.S. Attorney Joshua S. Levy, along with Jodi Cohen, the FBI’s Boston Division Special Agent in Charge, and Massachusetts Inspector General Jeffrey S. Shapiro, the case is being prosecuted by Assistant U.S. Attorney Neil J. Gallagher Jr. of the Public Corruption & Special Prosecutions Unit.
It is important to note that the indictment contains only allegations. Spinney is considered innocent until proven guilty in a court of law beyond a reasonable doubt.
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