PHILADELPHIA — An East Norriton man who admitted embezzling $6.3 million from his former employer over nearly a decade was sentenced to six years in federal prison Monday.
In March, Michael G. Spada, 50, pleaded guilty to wire fraud, bank fraud, filing a false tax return and making a false statement to federal investigators.
Spada stole the money from Scannapieco Development Corporation, in New Hope, and hid the fraud from a bank that extended him a $3.2 million line of credit and the Internal Revenue Service (IRS), according to federal prosecutors.
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