Bruce W. Spinney III, a former Grafton town official, was arrested on Friday on federal fraud charges. The charges allege that he solicited hundreds of thousands of dollars for his marijuana company and used the money to pay off debts. The indictment includes three counts of wire fraud and one count of conducting an unlawful monetary transaction, according to Acting U.S. Attorney Joshua S. Levy.
Spinney, who previously served as chairman of the Grafton Board of Selectmen, resigned in August 2019. After leaving office, he allegedly solicited funds from investors for his new marijuana dispensary venture, Noble Manna Inc., which was supposed to have locations in Grafton and Mendon. However, instead of using the funds for the intended purpose, Spinney is accused of paying down debts for his linen business and rental business.
According to prosecutors, Spinney used the money from investors to make payments to debt collectors, outstanding business loans, cash withdrawals, and personal expenses. In March 2020, he allegedly used $27,000 from the scheme to pay a debt related to his rental business. Spinney appeared in federal court in Worcester on Friday and was released with conditions.
If convicted, Spinney faces up to 20 years in prison, three years of supervised release, and a fine of $250,000 for each wire fraud count. For the unlawful monetary transaction charge, he could face up to 10 years in prison, two years of supervised release, and a fine of $250,000.
Spinney was elected to the Board of Selectmen in 2014 and served for five years before resigning. His resignation came just 24 hours before his company was scheduled to ask the board for a host community agreement to open a marijuana company in Grafton.