Rep. Alan Grayson (D-FL) has reportedly lost $18 million in a Ponzi scheme.
McLEAN, Va. — U.S. Rep. Alan Grayson of Florida lost $18 million in a scheme that cheated him and about 120 other investors out of more than $35 million, according to court papers.
The Virginia man who ran the scheme, William Dean Chapman, was sentenced Friday in federal court to 12 years in prison. Prosecutors say Chapman used the money to fund a lavish lifestyle including a Lamborghini, a Ferrari and a $3 million home.
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. The Democratic congressman on Monday confirmed he is the A.G. mentioned in the documents.
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.
In the House, he is known as one the most sharp-tongued critics of Republicans, once famously summarizing Republican’s health care plans as little more than wanting sick people to “die quickly.”
It’s tough to drum up any sympathy for the guy.