Well, my dictionary, encyclopedia, and teachers all disagree with you. I use the Encarta Dictionary, which I have never found to be wrong.
Here's its definition of spelt:
Hardy wheat: a hardy variety of wheat of inferior quality, sometimes grown in mountainous regions.
Latin name: Triticum spelta
Here's its definition of spell:
(past
spelled, past participle spelled, present participle spell•ing, 3rd person present singular spells)
v
1. vti name or write letters of word: to name or write in correct order the constituent letters of a word, part of a word, or group of words
2. vt form word: to form a word when arranged in the correct order
3. vt signify: to be a sign or indication of something
Increased interest rates could spell trouble for some corporate borrowers.
Maybe you need to go back to school.
P.S.
http://www.webster.com/ Look up “spelt.” It says that it is not correct American English, but it is correct British English. However, that is no excuse for you since you list your location as the United States.
~The_Raven