Needham Ponzi Scheme Attorney Spared Jail Time
After pleading guilty earlier this year, the 52-year-old form Needham has been spared jail, although fined and placed on probation.
David Spector, 52, of Needham has been fined $607,024 and change, as well as five years probation with the first year in home confinement, according to a Providence Journal piece. He will also pay for his home monitoring, which begins on Jan. 4, and undergo mental health treatments.
While the judge said he acted out of greed, he did agree with the defense attorney who called it a "one-time aberration" spurred by psychological weakness.
The Needham former lawyer pled guilty on May 16 in U.S. District Court in Providence, RI to three counts of wire fraud and one count of money laundering related to his work as a mortgage attorney in Rhode Island and Massachusetts.
To keep people from learning about the scheme, Spector said he filed change of address forms with the mortgage companies that had not been paid off so the bills would go to a post office box he controlled.