Investigators said Spence ran an investment business called AEI Financial from his residence. According to the charges, Spence lured victims by promising he would invest their funds and obtain 20-30% returns on investment. He also allegedly falsely represented to investors that he was registered with the Securities and Exchange Commission .
Spence would reportedly divert victims’ money and use it to pay for his own personal expenses or to pay previous investors. In addition, although the victims’ money had been significantly depleted, investigators said Spence would produce fraudulent account statements showing that the victims’ accounts had grown.
Spence faces one count of wire fraud which carries a penalty of up to 20 years imprisonment and a possible $250,000 maximum fine, upon conviction. The FBI conducted the investigation. Assistant U.S. Attorneys Thomas Carter and Brad Gray are prosecuting the case.