Rep. Alan Grayson (D-Fla.) loses $18 million to schemer

December 9, 2013

Rep. Alan Grayson (D-Fla.) lost $18 million in a scheme that cost him and more than 100 other victims dearly, according to court documents.

According to the Associated Press:

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, an outspoken liberal, is one of the wealthiest members of Congress. His most recent personal financial disclosure report in 2011 showed he had between $24 million and $86 million in assets.

Aaron Blake covers national politics and writes regularly for The Fix.
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Aaron Blake · December 9, 2013