GRAND RAPIDS, Mich. (WOOD) — A former Plainfield Township supervisor has entered a guilty plea to charges connected to a real estate deal from before he was in office.
Jay Spencer pleaded guilty to engaging in business of private banking, a felony punishable by up to four years in prison. In exchange for his plea, charges of false pretenses with intent to defraud, embezzlement and larceny by conversion were dropped.
The deal also came with a recommended sentence of five years of probation and $36,000 in restitution.
The case is linked to a 2011 business arrangement where a retiree gave Spencer $241,000 for a real estate deal. The money was supposed to pay for the flipping of six houses, but Spencer was accused of taking the money and using it for personal expenses.
Spencer was previously ordered by a judge to pay $540,000 in damages to three investors.
A sentencing date has been scheduled for July 3.