Rep. Grayson Victim of Alexander Capital Markets' Ponzi Scheme

Image: Rep. Grayson Victim of Alexander Capital Markets' Ponzi Scheme

Tuesday, 10 Dec 2013 05:23 AM

By Amy Woods

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Federal court records show Florida Democratic Rep. Alan Grayson was among the more than 100 investors bilked out of millions of dollars by convicted schemer William Dean Chapman, according to a story on Politico.
 
"I can confirm that it's Rep. Grayson," said an anonymous representative for the congressman via email. "Court documents seem to have disclosed the congressman's full name, despite the existence of court procedures that are intended to protect victims' privacy."

Grayson, whose losses amounted to $18 million, originally was identified as "A.G." in the documents. When Chapman – sentenced Dec. 6 to 12 years in prison – made a last-minute move to withdraw his guilty plea, Grayson's name appeared in papers submitted by prosecutors responding to the defendant's action.
 
Chapman, a 44-year-old Sterling, Va., man, founded and owned Alexander Capital Markets. His Ponzi business included loaning clients money in exchange for their stock holdings, which he sold improperly. In all, more than $35 million was lost.

According to Politico, Grayson's losses date back to 2007, and Chapman offered his client a $100,000-per-month payback plan. Grayson's wealth stems from his involvement with a telecommunications company. Financial disclosure statements put his assets at $22.8 million.

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