A Democratic Congressman Lost $18 Million In An Investment Fraud Scheme

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Rep. Alan Grayson (D-Fla.) lost $18 million in an investment fraud scheme that cheated him and other investors out of approximately $35 million, the Associated Press reports.

William Dean Chapman, the Virginia man who was at the head of the scheme, was sentenced to 12 years in prison for the scheme.

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Court papers reviewed by the AP indicate no wrongdoing on Grayson's part, signaling that he was an unknowing victim of the scheme. This isn't the first time that Grayson has fallen victim to a fraud scheme. In 2009, he won a $34 million judgment against a company called Derivium Capital, which ran a version of a Ponzi scheme against him and other investors.

Grayson is consistently among the Top 25 wealthiest members of Congress, ranking 21st on this year's list from Roll Call.

Read more: http://www.businessinsider.com/alan-grayson-fraud-scheme-ponzi-18-million-2013-12