From Fox News:
Florida Democratic Rep. Alan Grayson lost $18 million in a scheme by a Virginia man that involved over a 100 victims, the congressman’s office confirmed Monday.
In most of the court papers, Grayson's identity is protected -- prosecutors say only that an elected official with the initials A.G. was the primary victim -- but documents twice mention Grayson by name.
Nothing in the court papers suggests Grayson was anything but a victim of the scheme. Grayson, a former trial attorney, said he has had a long record for picking winning stocks, which formed the basis for his personal fortune.
The scheme worked like this: clients would turn over their stocks to Chapman as collateral for a loan, and Chapman would let customers borrow about 90 percent of the stocks' value.
If the stocks did badly, borrowers could walk away and keep the money they were loaned. But if the borrowers' stocks did well, they would repay the loan with interest, and Chapman was supposed to return the stocks to the investor at their increased value....
It is not the first time Grayson, who represents parts of the Orlando area, has lost tens of millions of dollars in a fraud scheme. In 2009, he won a $34 million judgment after filing a lawsuit in South Carolina under federal racketeering laws against a company called Derivium Capital. Derivium's business plan for hedging an investor's stock profile was nearly identical to the plan outline by Chapman. http://www.foxnews.com/politics/2013/12/09/florida-democratic-congressman-loses-18-millon-in-scheme/?intcmp=latestnews
Grayson is a very liberal Democrat who apparently is not very smart with his money.
And we trust him with taxpayer money?
Too bad he didn't lose his life savings, but he is just another rich limousine Democrat.
Fox6 On Hovde's "Irregularity" Claim
38 minutes ago
No comments:
Post a Comment