Bruce W. Spinney III faces federal fraud charges for allegedly soliciting money for a marijuana company but using it to pay off debts for his other businesses.
Spinney, a former chairman of Grafton Board of Selectmen, misled investors by claiming funds would go towards a new marijuana dispensary venture, Noble Manna Inc.
Prosecutors state that Spinney immediately diverted investors' money to pay down debts for his linen and rental businesses, violating trust and requirements.
If convicted on wire fraud charges, Spinney could face up to 20 years in prison, supervised release, and substantial fines; he also faces prison time for the monetary transaction offense.
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