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.
The full story is at Politico.