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U.S. Rep. Alan Grayson Loses $18 Million In Loan Scheme

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MIAMI (Reuters) – U.S. Representative Alan Grayson, a Florida Democrat, lost about $18 million in a scheme involving a Reston, Virginia-based firm that loaned customers funds in exchange for securities posted as collateral, his office said on Monday.

The loss was confirmed by Lauren Doney, communications director of Grayson’s office in Washington, D.C., who said the firm in question “sold the congressman’s collateral without his permission.”

The head of the firm, William Dean Chapman, was sentenced to a lengthy prison term by a federal court judge in Alexandria, Virginia, last week for defrauding scores of investors of more than $35 million.

For more on this story visit: Reuters, Orlando Sentinel

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