Developer’s CFO charged with $6.3M embezzlement
The chief financial officer of the Scannapieco Development Corp. has been charged with embezzling $6.3 million from the New Hope hotel and condominium developer, U.S. Attorney Michael L. Levy announced today.
The chief financial officer of the Scannapieco Development Corp. has been charged with embezzling $6.3 million from the New Hope hotel and condominium developer, U.S. Attorney Michael L. Levy announced today.
Michael G. Spada, 50, of Woodland Avenue in East Norriton, was charged with wire fraud, bank fraud, filing a false tax return and making a false statement to the federal government. Spada faces a maximum sentence of 60 years in prison and $1.75 million fine.
Prosecutors said Spada diverted the funds from corporate accounts and personal accounts of founder Tom Scannapieco over a nine-year period. Spada worked for Scannapieco for 23 years.
The Scannapieco company has developed more than $700 million in projects, most recently 1706 Rittenhouse Square, a high-rise condominium in Center City.























