Skip to comments.Ultraliberal 'Die Quickly' Rep. Alan Grayson Loses Millions to Stock Scammers
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.
Graysons return on his stocks that year shot up 1,372 percent, an astronomical number by any measure, Pleasant Brodnax, one of Chapmans 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 years 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 Graysons 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 dont 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.
How did someone so stupid get so rich?
Of course some are better scam artists than others.
I wonder if the Colorado shooter was a big Grayson fan. He used the Republican/”die” thing the same way this idiot does.
I am STILL exempt from Obamacare, you suckers, Grayson laughed.
he’s a lawyer. question answered.
people like him are in charge of our money ....puke
Just think of all the stupid people who voted for him.
They don’t call it, “Floriduh” for nothing.
Couldn’t happen to a nicer mental case
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
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!!!!
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.
Elect him for a seat in Congress.
When the dead vote, when the illegals vote, when the college brats vote four times, do you truly think voting matters?
“I never cheated an honest man, only rascals. ... They wanted something for nothing. I gave them nothing for something.”
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.
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.
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