WINTER PARK, Fla. — A Winter Park businessman accused of stealing nearly $4 million from people in Orange, Seminole and Volusia counties was in Florida jail Tuesday facing a litany of charges arising from an alleged Ponzi scheme.
Justin Spearman was recently released from federal prison in Texas, where he had been serving time for wire fraud.
[ Former Winter Park man accused of scheming in Georgia to support lavish lifestyle ]
Spearman is accused of selling royalty interests in oil and gas leases on land in Texas.
Instead of paying his alleged victims with funds raised by investments, he was paying old investors with income from new investors, investigators said.
Much of the proceeds from the alleged scheme went toward a multimillion-dollar Winter Park mansion, luxury cars and upscale clothing, court documents say.
Spearman’s ex-fiancee said there was always something that didn’t feel quite right about him.
“There always seemed to be little inconsistencies, but he was so talented and skilled at convincing you (that) you were wrong,” Cristian Michaels said in 2015.
Spearman was being held at the Orange County Jail in lieu of bail totaling more than $2 million.