Congressman Alan Grayson Loses $18 MIL in Ponzi Scheme
Apparently, Grayson didn’t know that people invest in Ponzi schemes usually go broke quickly…
Controversial House Democrat Alan Grayson lost $18 million as part of a criminal scheme run by a Virginia man that bilked more than 100 investors out of more than $35 million, according to federal court documents.
William Dean Chapman, 44, of Sterling, Va.,was sentenced to 12 years in federal prison on Friday. Chapman pled guilty to one count of wire fraud in May, according to the U.S. Attorney’s office for the Eastern District of Virginia, which oversaw the case.
Chapman was the founder and owner of Alexander Capital Markets. Customers would give their stock holdings to Chapman as collateral for loans. Chapman then improperly sold the stocks, despite assuring the customers that they would get back the full value of their holdings.
An unnamed elected official named “A.G.” was identified as having lost more than $18 million in what was essentially a Ponzi scheme run by Chapman.
Don’t worry, Floridians. He’ll be much more careful with your money.
Ed Driscoll has more on this story.