NEWPORT NEWS, Va. - Former Newport News and Williamsburg International Airport executive director was found guilty of multiple charges Tuesday.
According to court documents, 47-year-old Kenneth R. Spirito, Executive Director of the airport from 2009 through 2017, was found guilty by a federal jury after he provided false information regarding loan payments.
In 2014, Spirito organized a start-up airline, People Express Airline, Inc., (PEX) to receive a $5 million loan from TowneBank that was guaranteed by the Peninsula Airport Commission.
Spirito misapplied many state and federally regulated funds to provide cash collateral for loan, according to court documents.
PEX suspended operation in September 2014 and the PAC had to make payments on the loans.
Based on court documents, Spirito was found guilty of providing false testimony regarding his role in the decision to do the loan guarantee and the funds used as collateral.
Spirito faces ten to twenty years in prison for each count of conviction. He is set to be sentenced on June 10.
