WYOMING, Mich. – The Plainfield Township Supervisor was arraigned Friday on one charge of Larceny by Conversion, over $20,000.
Jay Spencer was charged yesterday and he made his appearance in court today in Wyoming. He was released after posting a deposit on a $5,000 bond.
According to court documents, a third party financial advisor got Spencer and another person together on a real estate investment tip. The victim entered into a business agreement with Spencer to buy, rehabilitate and flip a house. The victim invested $241,000 in the deal.
Investigators allege that the $241,000 was transferred between several Chase Bank accounts owned and operated by Spencer and his company. Of the $241,000, investigators say that $180,000 was spent on non-business related items that was not in the investment plan.