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Thread: Fraudster Cheats Alan Grayson Out of $18M

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    Fraudster Cheats Alan Grayson Out of $18M

    (NEWSER) – Florida Democratic Rep. Alan Grayson—one of the richest people in Congress—was a victim of fraud that cost him $18 million, court documents show. On Friday, William Dean Chapman was sentenced to 12 years in prison over the scheme, which cost 120 investors some $35 million. After investors provided their stocks as loan collateral, Chapman would pass up to 90% of the stock's value to them. Customers could keep the money if the stocks did poorly, but if they did well, they were required to pay the money back, along with interest, the AP reports.
    At that point, Chapman would, in theory, return the stocks to the investor. Instead, however, he sold the stocks, which fueled a luxury lifestyle. If stocks ended up doing well, Chapman's company, Alexander Capital Markets, couldn't meet its obligations. Grayson's stocks soared, according to court papers; a portfolio of $9.35 million climbed to $23 million over the course of 2007. "Because the return on (Grayson's) commodities investments were so astronomical, ACM could not meet its obligations under the loan agreements," wrote a defense lawyer. But "if they had not sold the collateral, it all would have worked," says Grayson, who previously won $34 million in a lawsuit over a separate fraud case, the AP notes.


    Read more @: Fraudster Cheats Alan Grayson Out of $18M - William Chapman sentenced to 12 years in scheme

    Holy hell! Grayson just got cheated out a butt load of $$$$


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    Re: Fraudster Cheats Alan Grayson Out of $18M

    I can't think of a better guy for that to happen to.
    "God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
    -C G Jung

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    Re: Fraudster Cheats Alan Grayson Out of $18M

    One would think the unofficial spokesperson for OWS would have known better.

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    Re: Fraudster Cheats Alan Grayson Out of $18M

    "Florida Democratic Rep. Alan Grayson—one of the richest people in Congress"

    Obviously a man of the people.

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    Re: Fraudster Cheats Alan Grayson Out of $18M

    Wall Street is full of criminals oppressing the working class!!



    What's that? An extremely high rate of return?






    Ahhhh, they got me again.


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    Re: Fraudster Cheats Alan Grayson Out of $18M

    Quote Originally Posted by joko104 View Post
    "Florida Democratic Rep. Alan Grayson—one of the richest people in Congress"

    Obviously a man of the people.
    Well Darrell Issa (REPUBLICAN) is the richest congress member of 2013. So I am hoping that YOU feel the same way about him as well if you don't want to be hypocritical.

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    Re: Fraudster Cheats Alan Grayson Out of $18M

    Poetic justice...
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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    Re: Fraudster Cheats Alan Grayson Out of $18M

    Quote Originally Posted by lizzie View Post
    I can't think of a better guy for that to happen to.
    Agreed. Couldn't happen to a nicer guy.
    Quote Originally Posted by apdst View Post
    Poetic justice...
    Yeah, ain't Karma a bitch?

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    Re: Fraudster Cheats Alan Grayson Out of $18M

    Quote Originally Posted by joko104 View Post
    "Florida Democratic Rep. Alan Grayson—one of the richest people in Congress"

    Obviously a man of the people.
    Being wealthy does not exclude being principled and favoring the democratic process and the rules of good governance.

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    Re: Fraudster Cheats Alan Grayson Out of $18M

    Wow. It's hilarious to read all these butt hurt Republican responses in this thread. Like a bunch of little kids on a playground.
    Quote Originally Posted by TurtleDude View Post
    uh that is so small as to be stupid. Do you want registration? given less than 3% of criminals get their guns from private sales, its pretty much a waste of resources
    **Thirty Minutes Later**
    Quote Originally Posted by TurtleDude View Post
    you are confused. I never denied that many criminals get guns in private sales.

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