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Press Release

Federal Jury Convicts Colleyville, Texas Man In Nearly $4 Million Wind Farm Investment Scam

For Immediate Release
U.S. Attorney's Office, Northern District of Texas

DALLAS — Following a seven-day trial before U.S. District Judge Barbara M. G. Lynn, a federal jury has convicted David Lyman Spalding of Colleyville, Texas, on all counts of a superseding indictment charging various offenses related to a wind farm investment scam he ran, announced John Parker, Acting U.S. Attorney for the Northern District of Texas.

Specifically, the jury convicted Spalding, 62, on two counts of wire fraud, one count of mail 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. Each of the fraud counts carries a maximum statutory sentence of 20 years in federal prison and a $250,000 fine; every other count carries a maximum statutory penalty of five years in federal prison and a $250,000 fine. In addition, Spalding could be ordered to forfeit a money judgment in the amount of the fraud as well as his residence located on Spring Garden Drive in Colleyville. He will remain on bond pending sentencing, which is set for July 29, 2015, before Judge Lynn.

The government presented evidence at trial that from at least 2003 and continuing through approximately April 2011, Spalding raised approximately $3.7 million from 97 investors in 11 states. Spalding made false representations to get investors to invest in promissory notes issued by Wind Plus, Inc. and Baseload Energy LLC and diverted the funds for his own benefit, to include purchasing real estate and extensive international travel not related to either Wind Plus or Baseload.

When Spalding filed bankruptcy in November 2009 for Wind Plus Inc. and Wind Plus Holdings Inc., he continued to solicit investors for Baseload energy, promising that funds would be used to build infrastructure for renewable energy projects. He also represented that the changes in management were for business purposes when in fact the staff had quit Wind Plus because they were not paid. As part of his fraud, Spalding also represented that investors would be repaid their investments, within varying timeframes from 60 days to one year, when in fact, Spalding did not repay investors within any of the specified timeframes.

The government presented additional evidence that in the Wind Plus bankruptcy case, Spalding falsely testified under oath about the number of individuals who were note holders as well as the amount of distributions and withdrawals he had taken.

The FBI investigated. Assistant U.S. Attorney Chris Stokes and Special Assistant U.S. Attorney Dan Gividen are prosecuting.

Updated June 22, 2015