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Ultraliberal 'Die Quickly' Rep. Alan Grayson Loses Millions to Stock Scammers
NewsBusters.org ^ | December 22, 2013 | Tim Graham

Posted on 12/22/2013 5:15:41 PM PST by Kaslin

It might be easy to forget, but ultraliberal Rep. Alan Grayson (D-Fla) is one of those dreaded "greedheads" who deal in millions of dollars of stocks. A story on the front of The Washington Post business section on Sunday reports Grayson “got burned twice by ‘stock loan’ schemes that have cost him nearly $50 million.”

Dina El Boghdady reports Grayson is ranked 21st in the House for wealth, with a net worth of “at least $16.7 million, in part due to the value of his stock portfolio.” Grayson lost about $18 million in transactions with Virginia businessman William Dean Chapman, who was just sentenced to 12 years in prison after pleading guilty to defrauding Grayson and 121 others. The Post didn't seem to rifle through any of Grayson's recent tax returns, like they wanted to do to Mitt Romney.

Grayson said Chapman made good on some loans over the years. But when others matured in 2007, and Grayson wanted his stock back, Chapman could not deliver. That was the beginning of the end.

Grayson’s return on his stocks that year shot up 1,372 percent, “an astronomical number by any measure,” Pleasant Brodnax, one of Chapman’s attorneys, wrote in a court filing.

Chapman owed Grayson $3.5 million by July 2007, an FBI agent investigating the case said in an affidavit. The debt ballooned to $10.6 million by year’s end. The liabilities owed to Grayson alone “exceeded the amount of cash ACM had on hand,” the agent said.

By 2008, Chapman was on the hook for $18 million worth of Grayson’s stock. ACM was “functionally insolvent” by then, yet it kept taking on new clients, prosecutors said....

In his financial disclosures, Grayson reported having $30 million to $75 million in cash in 2010 — the year after ACM imploded.

“I lost a lot of fish, but I still know how to fish,” said Grayson, who said all would be well if only Chapman had kept his promises. “I don’t want to sound like this means nothing to me. I feel very sad about it. But being a prudent and responsible person, I never thought I should take every last nickel I had and throw it at ACM.”

Grayson, the liberal firebrand who once derided a GOP health-care proposal as the “die quickly” plan, was philosophical about the monetary loss. “I am really blessed, and I think it would be so wrong for me as a person to be so belligerent over money,” he said.


TOPICS: Culture/Society; News/Current Events; US: Florida; US: Virginia
KEYWORDS: 113th; alangrayson; dinaelboghdady; florida; grayson; liberals; lol; scam; stocks; virginia; williamdeanchapman


1 posted on 12/22/2013 5:15:41 PM PST by Kaslin
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To: Kaslin


2 posted on 12/22/2013 5:16:48 PM PST by dfwgator
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To: Kaslin

How did someone so stupid get so rich?


3 posted on 12/22/2013 5:17:12 PM PST by ilovesarah2012
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To: Kaslin
Scratch a leftist, find a scam artist.

Of course some are better scam artists than others.

4 posted on 12/22/2013 5:18:10 PM PST by skeeter
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To: Kaslin

I wonder if the Colorado shooter was a big Grayson fan. He used the Republican/”die” thing the same way this idiot does.


5 posted on 12/22/2013 5:18:26 PM PST by FlingWingFlyer (Merry Christmas to all my fellow Americans. "Whatever" to everybody else!)
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To: Kaslin

“I am STILL exempt from Obamacare, you suckers,” Grayson laughed.


6 posted on 12/22/2013 5:18:33 PM PST by Diogenesis
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To: ilovesarah2012

he’s a lawyer. question answered.


7 posted on 12/22/2013 5:19:50 PM PST by Secret Agent Man (Gone Galt; Not averse to Going Bronson.)
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To: Kaslin

people like him are in charge of our money ....puke


8 posted on 12/22/2013 5:19:58 PM PST by BookmanTheJanitor
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To: BookmanTheJanitor

Just think of all the stupid people who voted for him.


9 posted on 12/22/2013 5:28:07 PM PST by ilovesarah2012
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To: ilovesarah2012
How did someone so stupid get so rich?
Hard working, smarter ancestors, most likely
10 posted on 12/22/2013 5:28:37 PM PST by jmcenanly ("The more corrupt the state, the more laws." Tacitus, Publius Cornelius)
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To: ilovesarah2012

They don’t call it, “Floriduh” for nothing.


11 posted on 12/22/2013 5:30:14 PM PST by dfwgator
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To: Kaslin

Good!

Couldn’t happen to a nicer mental case


12 posted on 12/22/2013 5:30:58 PM PST by Farnsworth (Now playing in America: "Stupid is the new normal")
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To: Kaslin

I like this Chapman guy. He just wanted to help Grayson live a more meaningful life by redistributing Graysons ill gotten gains to others. Ha ha


13 posted on 12/22/2013 5:32:35 PM PST by dforest
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To: Kaslin

You mean to say that, even with his facility for insider trading, he lost his ass in the stock market?

And FL elected him to represent them in Congress?

Wake up FL and don’t vote dhimmicrat!!!!


14 posted on 12/22/2013 5:35:00 PM PST by 353FMG
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To: Kaslin

Grayson is a horse’s ass. it isn’t a republican law that terminated the health insurance for millions of families. many of them will likely die slowly.


15 posted on 12/22/2013 5:35:03 PM PST by JohnBrowdie (http://forum.stink-eye.net)
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To: ilovesarah2012

Elect him for a seat in Congress.


16 posted on 12/22/2013 5:36:25 PM PST by 353FMG
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To: 353FMG
Wake up FL and don’t vote dhimmicrat!!!!

When the dead vote, when the illegals vote, when the college brats vote four times, do you truly think voting matters?

17 posted on 12/22/2013 5:38:30 PM PST by Old Sarge (And Good Evening, Agent Smith, wherever you are...)
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To: Kaslin

“I never cheated an honest man, only rascals. ... They wanted something for nothing. I gave them nothing for something.”

Wilie Sutton


18 posted on 12/22/2013 5:39:22 PM PST by CrazyIvan (Obama phones= Bread and circuits.)
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To: Kaslin

OK. Everybody who has had a 1,372% yearly return on anything raise your hand. Nobody questioned that? In the stock market? I throw the baloney flag! Money laundering.


19 posted on 12/22/2013 5:39:49 PM PST by blueunicorn6 ("A crack shot and a good dancer")
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To: Kaslin

He’s a multi millionaire, but did *NOT* redistribute HIS money to the poor and homeless, did he? No, he tried to do the absolute unthinkable, make MONEY.

The liberals are total hypocrites and you know what? We’re letting them get away with it. Cher, who is one of the most vulgar creatures out there, charges hundreds of dollars for a concert. Not a peep out of anyone on the hypocrisy of a multi millionaire vulgar liberal refusing to give things away.


20 posted on 12/22/2013 5:40:30 PM PST by swpa_mom
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To: Kaslin

My heart bleeds.


21 posted on 12/22/2013 5:42:10 PM PST by Fungi
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To: swpa_mom

The ultimate hypocrite, Celine Dion “Let Dem Touch Dose Tings”.

One of the first artists to put anti-piracy software on her CDs.


22 posted on 12/22/2013 5:42:14 PM PST by dfwgator
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To: Kaslin

Proving once again that Grayson is not the sharpest knife in the drawer.


23 posted on 12/22/2013 5:42:56 PM PST by Pearls Before Swine
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To: jmcenanly

Grayson made his fortune as the first president of IDT Corporation (International Discount Telecom).

Grayson was ranked as the 11th-wealthiest member of Congress in 2010, based on financial disclosure forms with a minimum net worth of $31.41 million, according to Roll Call.[88] Grayson disclosed that his attorney fees and costs for the war contractor case had exceeded $4 million.[13][15]
Grayson is married to Lolita Grayson, from the Philippines. The couple has five children.

http://en.wikipedia.org/wiki/Alan_Grayson


24 posted on 12/22/2013 5:44:11 PM PST by ilovesarah2012
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To: Kaslin

As WC Fields used to say, “You can’t cheat an honest man.”


25 posted on 12/22/2013 5:45:05 PM PST by P-Marlowe (There can be no Victory without a fight and no battle without wounds)
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To: Kaslin

             

26 posted on 12/22/2013 5:56:00 PM PST by tomkat
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To: Kaslin

TFB! I can think of very few who deserve such an “education” more than Grayson!


27 posted on 12/22/2013 5:56:46 PM PST by ExSES (the "bottom-line")
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To: Kaslin

~~~In his financial disclosures, Grayson reported having $30 million to $75 million in cash in 2010~~~

Well, that certainly narrows it down.

As a compassionate liberal, I’m sure he’s been passing on many millions to the poor, no?


28 posted on 12/22/2013 6:00:56 PM PST by F15Eagle (1Jn4:15;5:4-5,11-13;Mt27:50-54;Mk15:33-34;Jn3:17-18,6:69,11:25,14:6,20:31;Ro10:8-11;1Tm2:5-6;Ti3:4-7)
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To: dforest

I guess Maggie Thatcher was wrong. Chapman still hasn’t run out of Grayson’s money yet.


29 posted on 12/22/2013 6:05:39 PM PST by healy61
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To: ilovesarah2012
How did someone so stupid get so rich?

Legal insider trading for Congress members. Grayson is so DUmb that he messed that up.
LoL.

30 posted on 12/22/2013 6:07:51 PM PST by Red Steel
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To: Red Steel

I read he went to Harvard. Methinks Harvard must have much lower standards that I had previously believed.


31 posted on 12/22/2013 6:21:15 PM PST by ilovesarah2012
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To: Kaslin

Easy come. Easy go. You know the money wasn’t earned honestly.


32 posted on 12/22/2013 6:27:35 PM PST by Old Yeller
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To: Kaslin

and the RATS, take another one in the.........HA ha!!!

33 posted on 12/22/2013 6:30:50 PM PST by Chode (Stand UP and Be Counted, or line up and be numbered - *DTOM* -vvv- NO Pity for the LAZY - 86-44)
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To: Kaslin

Hello Mr. Greyson. My name is Barak and I’m from Nigeria. I have this business offer for you. If you sent your bank statement and SS number, plus all the SS and bank numbers of your district’s voters, I’ll rob them blind and they’ll forget how Obama is doing because they’ll be worried about the money I stole from them.


34 posted on 12/22/2013 6:33:08 PM PST by ExCTCitizen (Ben Carson/Rand Paul or Sara/Nikki in 2016)
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To: Kaslin

“Passing the bar” where he lived must have meant going past Dunleavy’s.


35 posted on 12/22/2013 6:37:21 PM PST by kempster
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To: Kaslin

Karma? God’s judgment?


36 posted on 12/22/2013 6:38:51 PM PST by realcleanguy
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To: Kaslin

Blessed?
By whom?


37 posted on 12/22/2013 6:50:18 PM PST by snappahead (if your gonna be dumb, you better be tough.)
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To: Kaslin

Couldn’t have happened to a more appropriate mark.........


38 posted on 12/22/2013 6:55:43 PM PST by originalbuckeye (quality)
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To: Kaslin

Couldn’t have happened to a nicer guy


39 posted on 12/22/2013 7:06:47 PM PST by therightliveswithus
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To: ilovesarah2012

Just looking at his face, I would not want him for my neighbor, much less my congresscritter.


40 posted on 12/22/2013 7:45:46 PM PST by 353FMG
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To: therightliveswithus

Dang. The poster above who found his biography makes me feel sorry for his family. Tis the season.


41 posted on 12/22/2013 7:46:48 PM PST by Thebaddog (Tomortow is Obamageddon!)
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To: ilovesarah2012

Being a congresscritter must mean easy money!


42 posted on 12/22/2013 8:50:00 PM PST by The_Media_never_lie (The media must be defeated any way it can be done!)
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To: Kaslin

Feel good story of the month. I say month because this story is a couple weeks old. Newsbusters is slipping. Maybe they should stick to their bizarre fascination with Mika Brezinkshi.


43 posted on 12/22/2013 10:10:28 PM PST by TheRhinelander
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To: ilovesarah2012
How did someone so stupid get so rich?

Who knows, maybe he inherited it, like the Kennedys. As a commie lib, I feel he probably did not work for it.

44 posted on 12/22/2013 10:41:15 PM PST by Mark17 (Chicago Blackhawks: Stanley Cup champions 2010, 2013. Vietnam Veteran, 70-71)
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To: ilovesarah2012
This guy reminds me of a big mouth goon who deserves to get his comeuppance one night in some alley.
45 posted on 12/23/2013 12:18:06 AM PST by itssme
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To: Kaslin
Hey Alan Grayson (D-Fla,
I see an open window on the tenth floor in your future.
46 posted on 12/23/2013 12:47:18 AM PST by MaxMax (Pay Attention and you'll be pissed off too! FIRE BOEHNER, NOW!)
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To: MaxMax

less chat more splat


47 posted on 12/23/2013 4:01:57 AM PST by Revelation 911
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