MAJOR UPDATE / ONLY ON CLIFFVIEW PILOT:
A former student of entertainment giant Mike Nichols — and a member of Bergen Community College’s Alumni Board of Directors — is accused of ripping off more than $52,000 from his mother, selling her New York City co-op and taking nearly half the proceeds after expenses.
NEWBREAK! GO TO UPDATE : Former student of Mike Nichols stole hundreds of thousands from mother, authorities charge
Meet Jefferson J. Spady of Englewood, a 45-year-old former music video director who, investigators say, abused his power of attorney to suck his mother’s assets dry.
Spady, of East Palisade Avenue, can tell his version of the story to a judge after being arrested this morning by detectives from the Bergen County Prosecutor’s Office.
The investigators worked off a tip from the New Jersey Office of the Ombudsman that Frieda Spady, a resident of Park Ridge, New Jersey, had been taken to the cleaners by her son, Bergen County Prosecutor John L. Molinelli said.
“An examination of Frieda Spady’s bank accounts indicated that Jefferson Spady had taken $15,243.00 in cash advances and had also made $9,249.00 in debit purchases from her account and used the funds and purchases for his own benefit,” Molinelli said.
In addition, young Mr. Spady oversaw the $640,000 sale of his mom’s city co-op, pocketing $276,195.48 after expenses that Molinelli said he used “to pay for child day care for his son.”
He didn’t stop there, though, the prosecutor said.
Forging his brothers’ signatures, the married Spady “borrowed” $28,000 from his mother’s life insurance policy, dropped it into his bank account and spent it, Molinelli said.
His two brothers “had no knowledge what Jefferson had done,” the prosecutor said.
Spady remains free on bail pending grand jury action.
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