Bradley Spillman Press Release (Guilty Plea)

March 13, 2009
For Immediate Release

LOCAL MAN PLEADS GUILTY TO FEDERAL FRAUD CHARGES INVOLVING INVESTMENT & BANK FRAUD SCHEMES

St. Louis, MO: Bradley Spillman plead guilty to fraud charges, including mail, credit card and bank fraud, United States Attorney Catherine L. Hanaway announced today.

“Mr. Spillman solicited and was paid more than $140,000 by approximately 40 investors. He misrepresented the nature of the investment and did not invest the money that was paid to him as promised, but instead used the investment proceeds for his own personal use,” said Hanaway.

Between April and June 2005, Bradley Spillman held himself out as an independent financial advisor and worked out of an office at the Thomas Clinic on Clayton Road, in St. Louis. The Thomas Clinic was operated by James Bell, who invested money with Spillman and who recruited customers from his clinic to invest money with Spillman. Bell was compensated for his referrals. Spillman made fraudulent representations when he promoted an investment scheme in a variety of entities and often claimed that investors could earn a monthly rate of return that exceeded 100%. Some of the fraudulent investment entities that Spillman promoted were supposedly high yield methods of investing that utilized foreign entities and “electronic currency.”

In addition, Spillman plead guilty to bank fraud for his involvement in a scheme to defraud Bank of America. Spillman was employed by Bank of America and worked in the Global Wealth and Investment Department. In this position, Spillman fraudulently accessed and manipulated an account belonging to a Bank of America client and fraudulently directed that payments be made from that account to his personal credit card accounts.

Finally, Spillman plead guilty to fraudulent use of a credit access device for his fraudulent use of a credit card that belonged to another individual.

In total, through all of his crimes, Spillman obtained more than $100,000 in ill-gotten gains.

BRADLEY SPILLMAN, whose last known address was St. Louis, Missouri, plead guilty to one felony count of mail fraud, one felony county of fraudulent use of a credit access device and one felony count of bank fraud. He appeared before United States District Judge Catherine D. Perry, who set sentencing for May 29, 2009.

Mail fraud carries a maximum penalty of 20 years in prison and/or fines up to $250,000; credit card fraud carries a maximum of ten years prison and/or fines up to $250,000 and bank fraud carries a 30 year maximum prison sentencing and/or a fine up to $1,000,000.

Hanaway commended the work performed on the case by HUD-Office of Inspector General, the Postal Inspection Service and Assistant United States Attorney Matthew Schelp, who is handling the case for the U.S. Attorney’s Office.

UNITED STATES ATTORNEY'S OFFICE EASTERN DISTRICT OF MISSOURI CATHERINE L. HANAWAY United States Attorney	NEWS RELEASE
For further information: Call Public Affairs Officer Jan Diltz at (314) 539-7719
March 13, 2009 For Immediate Release LOCAL MAN PLEADS GUILTY TO FEDERAL FRAUD CHARGES INVOLVING INVESTMENT & BANK FRAUD SCHEMES St. Louis, MO: Bradley Spillman plead guilty to fraud charges, including mail, credit card and bank fraud, United States Attorney Catherine L. Hanaway announced today. “Mr. Spillman solicited and was paid more than $140,000 by approximately 40 investors. He misrepresented the nature of the investment and did not invest the money that was paid to him as promised, but instead used the investment proceeds for his own personal use,” said Hanaway. Between April and June 2005, Bradley Spillman held himself out as an independent financial advisor and worked out of an office at the Thomas Clinic on Clayton Road, in St. Louis. The Thomas Clinic was operated by James Bell, who invested money with Spillman and who recruited customers from his clinic to invest money with Spillman. Bell was compensated for his referrals. Spillman made fraudulent representations when he promoted an investment scheme in a variety of entities and often claimed that investors could earn a monthly rate of return that exceeded 100%. Some of the fraudulent investment entities that Spillman promoted were supposedly high yield methods of investing that utilized foreign entities and “electronic currency.” In addition, Spillman plead guilty to bank fraud for his involvement in a scheme to defraud Bank of America. Spillman was employed by Bank of America and worked in the Global Wealth and Investment Department. In this position, Spillman fraudulently accessed and manipulated an account belonging to a Bank of America client and fraudulently directed that payments be made from that account to his personal credit card accounts. Finally, Spillman plead guilty to fraudulent use of a credit access device for his fraudulent use of a credit card that belonged to another individual. In total, through all of his crimes, Spillman obtained more than $100,000 in ill-gotten gains. BRADLEY SPILLMAN, whose last known address was St. Louis, Missouri, plead guilty to one felony count of mail fraud, one felony county of fraudulent use of a credit access device and one felony count of bank fraud. He appeared before United States District Judge Catherine D. Perry, who set sentencing for May 29, 2009. Mail fraud carries a maximum penalty of 20 years in prison and/or fines up to $250,000; credit card fraud carries a maximum of ten years prison and/or fines up to $250,000 and bank fraud carries a 30 year maximum prison sentencing and/or a fine up to $1,000,000. Hanaway commended the work performed on the case by HUD-Office of Inspector General, the Postal Inspection Service and Assistant United States Attorney Matthew Schelp, who is handling the case for the U.S. Attorney’s Office.