Ohio Couple Pleads Guilty to Investment Fraud Charges

Michael and Melissa Spillan, of Gahanna, pleaded guilty to charges of conspiracy to commit mail, security, and wire fraud. In addition, Michael Spillan pleaded guilty to counts of securities fraud, mail fraud, and wire fraud. Mr. Spillan already carries other state and federal convictions, including bank fraud, theft, and forgery. The guilty pleas came on April 21st as part of a plea agreement.
From 2003 to 2008, the couple allegedly ran a scheme that cost 38 people a total of nearly $20 million. The victims were largely made up of people outside of the state of Ohio. The couple offered loans, and clients were able to put up stock as collateral. Instead of returning the stock at the completion of the loan, the Spillans allegedly sold the stock for their own personal gain. This was all done through their several Westerville-based lending companies.
Michael Spillan faces a $1 million fine and maximum of 65 years in prison, while his wife faces up to 5 years in prison and a $250,000 fine.
Judge Edmund Sargus accepted the guilty pleas, but has not yet made a decision regarding the plea agreement. If accepted, the couple would be ordered to pay $19 million in restitution, and would be unable to appeal the sentences; Mr. Spillan would face a sentence of 11 ½ years and Mrs. Spillan would face a sentence of 3 years.


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