Alan Grayson's Lost $18 million in Ponzi Scheme

Alan Grayson's Lost $18 million in Ponzi Scheme

House Democrat Alan Grayson, the same man who accused GOP members of being “crisis junkies” late last month, may have a financial crisis of his own. A representative from Grayson’s office admitted that the A.G. referenced in documents in a court case against the alleged thief was Grayson, who had been fleeced out of $18 million by a Virginia man running a Ponzi scheme. The rep said, “I can confirm that it’s Rep. Grayson. Court documents seem to have disclosed the congressman’s full name, despite the existence of court procedures that are intended to protect victims’ privacy.”

William Dean Chapman, 44, of Sterling, Va., pilfered more than $35 million from more than 100 investors and was sentenced to 12 years in federal prison on Friday. Chapman’s company, Alexander Capital Markets, would obtain customers’ stock holdings to use as collateral for loans Alexander was giving. Then Chapman, telling the customers they would get all of their money back, would illegally sell the stocks.

When Chapman attempted to withdraw his guilty plea, federal prosecutors handed over a document that included Grayson’s name. The big hit for Grayson occurred in 2007; Chapman even said he would pay Grayson $100,000 per month to make up the money he stole.

Grayson’s most recent public data regarding his wealth indicates that he has at least $22.8 million in assets, with $5 million in liabilities.