Man gets 10 years for fake gold investment scheme
SANTA ANA, Calif. (AP) — Orange County prosecutors say an Irvine man has been sentenced to 10 years in prison for stealing more than $280,000 from a woman who thought she was investing in gold.
District Attorney’s office spokeswoman Farrah Emami says 47-year-old William Scott Spalding was sentenced Monday after pleading guilty to 13 felony counts of money laundering and other crimes.
Spalding told a 51-year-old woman in 2011 that she would get large returns on her investment if she bought gold from him.
Believing him, she gave him more than $280,000 in cash and wire transfers.
Instead of making any investment, Spalding deposited the money into personal accounts and used it to buy a Mercedes-Benz and make house payments.
Spalding has also been ordered to pay restitution and a fine of $576,000.