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Ex-Massachusetts official accused of defrauding investors in his marijuana company

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A former Bay State elected official has been busted by the feds for allegedly defrauding investors in his marijuana company.

Bruce Spinney III, who was previously a chair of the Grafton Select Board, was arrested on Friday by FBI Boston special agents.

The 49-year-old man was indicted on three counts of wire fraud related to a scheme to defraud investors in his marijuana company, according to the Massachusetts U.S. Attorney’s Office. He was also indicted on one count of conducting an unlawful monetary transaction.

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Lawmakers will hear testimony on proposed changes to state cannabis laws

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State lawmakers have scheduled a hearing later this month to kick start an effort to update the laws directing the embattled Cannabis Control Commission after more than a year of turbulence.

The Bay State’s Joint Committee on Cannabis Policy has scheduled an informational hearing for Wednesday, October 30, over “reconsideration” of the law which created both the state’s bustling marijuana industry and the CCC, responsible for the day-to-day business of regulating Massachusetts’ largest cash crop.

“The Committee will be inviting various Massachusetts cannabis industry stakeholders to testify. Of chief concern are the matters of responsibility for agency operations and proper channels of accountability within the agency structure,” the committee wrote in announcing the hearing.

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Who are you calling rudderless? Massachusetts cannabis regulator defends work on $7B industry

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The agency regulating the marijuana industry is not “rudderless,” according to its acting chairwoman, and continues to work despite assertions that it needs a receiver in order to function.

“If you paid attention, we’re working. It’s always all hands on deck. We’re continuing to push policies,” Cannabis Control Commission Acting Chair Ava Callender Concepcion told the Herald in a one-on-one interview.

The legal marijuana industry in Massachusetts made $7 billion in sales last year, and $1 billion of that came back to the Bay State in the form of taxes and fees.

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Inspector General: ‘Urgent need’ for receiver to run Cannabis Control Commission

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The Cannabis Control Commission is broken by the law that established it and needs to be placed under the authority of a receiver by the end of July, the Bay State’s Inspector General told legislative leaders in a letter.

Pointing to numerous problems surrounding the ousted commission chair and challenges with the laws structuring the agency, Inspector General Jeffrey Shapiro urged House Speaker Ron Mariano and Senate President Karen Spilka to act before the end of this legislative session, after determining that “the agency’s statute lacks a clear leadership hierarchy with defined duties and responsibilities.”

“I believe the CCC needs immediate clear direction with an accountable hierarchy. In its present state, the CCC lacks such direction. I urge the Legislature to take short-term action by authorizing the appointment of a receiver before the completion of the current formal legislative session on July 31, and long-term action by revisiting the commission structure,” Shapiro wrote.

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