Franklin investor William Spencer pleads guilty in Ponzi scheme

The former Franklin investment advisor accused of mail and wire fraud in connection with an alleged $1.5 million “Ponzi” scheme is awaiting sentencing after pleading guilty in federal court.

William W. Spencer, 68, entered his guilty plea May 28 before Judge William Haynes, according to court documents. The U.S. Attorney’s office for Middle Tennessee initially charged Spencer in April with six counts of mail fraud and five counts of wire fraud, alleging that from 1997 to 2009 he borrowed or solicited nearly $1.9 million from about 100 friends, clients and investors...

Nashville BizJournals: Franklin investor William Spencer pleads guilty in Ponzi scheme