Disgraced township supervisor sentenced for misusing man’s money
KENT COUNTY, Mich. — Former Plainfield Township supervisor Jay Spencer was sentenced today on a charge of engaging in the business of private banking. That carries a four year maximum, however, Spencer was sentenced to probation.
He admitted to misusing $241,000 from a real estate deal in 2011. The victim withdrew the funds from his IRA and handed it over to Spencer to renovate and flip a house.
At this point, the judge said Spencer still owes $36,000 in restitution. In court, Spencer thanked his family for their support after apologizing for his actions.
“You honor, I am sorry to Mr. Jackson for the way this transaction ended up, and I am going to do my best to pay the restitution amount as quickly as I can,” Spencer stated.
He continued, “To my friends and family, I’m sorry and I thank you for your continued support. Your honor, I will not let this day or event define me. Instead, I will continue to do good in love light, as I’ve done throughout my life.”
As part of a plea deal, embezzlement and larceny-by-conversion charges were dropped.