Florida Democratic Rep. Alan Grayson lost $18 million in a scheme by a Virginia man that involved over a 100 victims, the congressman’s office confirmed Monday. [Snip] 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...
