Skip to comments.Florida Democratic congressman (Grayson) loses $18 million in (Ponzi) scheme
Posted on 12/09/2013 7:20:53 PM PST by Zakeet
Florida Democratic Rep. Alan Grayson lost $18 million in a scheme by a Virginia man that involved over a 100 victims, the congressmans office confirmed Monday.
The scheme worked like this: clients would turn over their stocks to Chapman as collateral for a loan, and Chapman would let customers borrow about 90 percent of the stocks' value.
If the stocks did badly, borrowers could walk away and keep the money they were loaned. But if the borrowers' stocks did well, they would repay the loan with interest, and Chapman was supposed to return the stocks to the investor at their increased value.
But, according to court papers, Chapman sold the stocks and had no way to fulfill his obligations if a client's stock portfolio did well.
(Excerpt) Read more at foxnews.com ...
... busy thinking of a way to get taxpayers to pay him back ...
Did G)D punish him for lying?
Karma..isn’t it awesome
It’s easy to scam a crook!!
It couldn’t have happened to a nicer guy. LOL!
He looks like a weasel.
How did that moron get that much money to begin with?
Not at all surprising that he got it swindled from him. But I’m shocked to learn that he had it to lose.
Die quickly, Grayson!
Who was it that said you can’t cheat an honest man?
As awesome as poetic justice.
*giggle* snort* snicker*
“MY PORK IS GONE!”
Where did he get 18 million ?
A financial scam depends upon the greed of the mark.
This moron needs to be audited to ensure he lost the full 18M. I can easily see this scum scamming the IRS for a few million to save a few million in taxes.
I wonder, since leftists hate rich people, and Grayson has 18 mil to just blow on ponzi schemes, will the progressive left demand that Grayson pay his “fair share” I bet if they do Grayson will demand that they “Die quickly”
Unpossible. He’s one of the 99% who are oppressed by the man.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.