Rep. Grayson loses $18 million in fraud scheme
Rep. Alan Grayson (D-Fla.) lost $18 million in an investment fraud scheme, according to court papers cited Monday by The Associated Press.
About 120 investors lost a total of more than $35 million, the report says.
William Dean Chapman of Virginia ran the scheme and was sentenced Friday to 12 years in prison.
{mosads}Court documents only showed Grayson’s initials, A.G., but there were a few instances in which his name was spelled out. The congressman confirmed to the AP on Monday that he was the person mentioned.
In 2009, Grayson also fell victim to a fraud scheme in which a company called Derivium Capital committed a similar crime to Chapman’s. The congressman won $34 million after filing a lawsuit based on federal racketeering laws, the AP report notes.
Grayson was first elected to Congress in 2008 and served one term before being defeated by Rep. Daniel Webster (R-Fla.) in 2010. He ran again last year, and was elected to the 113th Congress.
He’s considered one of the wealthiest members of Congress.
Copyright 2024 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed..
