Grayson lost $18 million in scheme, report says
McLEAN, Va. (AP) - 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.
Grayson is among the richest members of Congress, raking No. 21 in the Hill's annual 50 wealthiest list, with a net worth of more than $16 million.