United States v. David Spalding

STEPHEN A. HIGGINSON, Circuit Judge:

David Lyman Spalding convinced about a hundred people-neighbors, strangers, and even his jeweler-to lend his companies millions of dollars. As Spalding put it, his ventures were poised to strike pay dirt; all they needed was a bit more cash. He obtained loans by promising rapid repayment and stock options, and by assuring that he would use the money for the business. In fact, Spalding spent much of it on himself. Eventually, an investor tipped the FBI, a grand jury indicted, and a petit one convicted. Spalding now appeals his convictions and sentences for…