U.S. APNewsBreak: Fla. Congressman Lost $18M in Scheme

[Ptah]

Source: ABC News

Court papers show a Florida congressman lost $18 million in a scheme that cheated him and more than 100 other people out of money.

Florida Democrat Alan Grayson should have been able to cash in on tens of millions of dollars in returns on his stock portfolio, but prosecutors say the Virginia man behind the scheme sold the stocks out from under Grayson when they should have been kept as loan collateral.

William Dean Chapman, of Sterling, Va., was sentenced to 12 years in prison Friday for cheating 122 investors out of more than $35 million.

Court papers indicate no wrongdoing on Grayson's part. His name was supposed to be withheld from the documents, but showed up in two motions. The congressman confirmed Monday he lost money in the fraud.

Read more: http://abcnews.go.com/US/wireStory/apnewsbreak-fla-congressman-lost-18m-scheme-21153526

[JBoy]

1. Holy shit. n/t

[MyNameGoesHere]

2. I am sorry it happens to anyone, however

if say a few hundred of them had the same experience I wonder what their stand on regulations would be?

[Baitball Blogger]

3. Grayson was a victim of fraud?

You would think he would be sympathetic to other victims of fraud.

[loudsue]

4. And, of course, he is.

What's your point.

[Proud Liberal Dem]

5. Uh......what?

[Renew Deal]

6. Is there any reason to think he's not sympathetic?

[Baitball Blogger]

7. Oh, for crying out loud.

Check my journal. There was massive fraud, conspiracy and cover-ups in my community a few years back and it's become a matter of practice not to help out the people who were victimized by it. i.e. people like me with no financial resources to fight back.

I wrote to Alan Grayson for assistance years ago but I never got a response. I wasn't in his district so I suppose that had something to do with it.

[markpkessinger]

9. " I wasn't in his district so I suppose that had something to do with it."

Uh . . . yeah, it probably did.

[Baitball Blogger]

11. Not even a letter. Nothing.

But requests for donations--a plenty.

[JDPriestly]

14. Did you try to contact the congressrepresentatives from your own district?

[Baitball Blogger]

15. Are you serious?

How much help do you think I would get from a Republican politician when it involved a right-wing community steep in corruption using small government methods? The issue would be disturbing not just in the city but in the county. And many of the local contacts networked with the congress rep.

I think one of my letters was referred back to him from the AG office and the issue went no where.

[darkangel218]

10. +1

Never got an answer either.

( in his district )

[kelliekat44]

16. This is what happened to my daughter and several of her friends. Lost home as a result scam and

banks that could and did do just about anything they wanted with the fraudulent mortgage loans etc. Writing to Congresspeople got absolutely no response and no action. If only we had public servants who really, really desired to and did serve the public instead of bankers and other corporate interests.

[Baitball Blogger]

17. The only people who seem to understand are the ones who continually get abused by the system.

Everyone else thinks we're acceptable casualities. Hopefully, some day, we'll be able to put our voices together to send off one audible primal scream.

[Plucketeer]

8. LOL!!!

He's fully focused on what the GOP is doing to this country. How could that be anything BUT a campaign against fraud???

[Baitball Blogger]

12. Oh, you got me you clever boy or gal.

[Half-Century Man]

13. I still feel like a sentencing modifier connected to the money involved is a good idea

Something like 1 year of incarceration for every $100,000.00 involved.
Rob a liquor store out of desperation, get $75.00; no extra time added to the sentence for armed robbery. . Embezzle 1.2 million from pension funds, get 12 years extra time.