Did you know that Alan Grayson, who sees himself as some kind of working-class hero, is one of the richest members of Congress? As reported by Roll Call back in 2010, he had a net worth estimated at over $31 million. But as somebody once said: a fool and his money are lucky enough to get together in the first place.
The Associated Press reported on Monday, "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."
In 2007, Grayson had $9.35 million in a stock portfolio that Chapman was supposed to be holding as collateral. In that year alone, the portfolio's value increased by 147 percent, to $23 million, according to a chart in the court documents.
Chapman's lawyer did not immediately return a call. Chapman, of Sterling, Va., pleaded guilty in May but tried at Friday's sentencing hearing to withdraw the plea, saying he felt pressured to plead and that he never intended to defraud.
It is not the first time Grayson, who represents parts of the Orlando area, has lost tens of millions of dollars in a fraud scheme. In 2009, he won a $34 million judgment after filing a lawsuit in South Carolina under federal racketeering laws against a company called Derivium Capital. Derivium's business plan for hedging an investor's stock profile was nearly identical to the plan outline by Chapman.
Grayson said he first entered into deals with Chapman in 2003, well before the deal with Derivium went south, so he had no reason to be suspicious the arrangement.I would think that Grayson shouldn't be too upset by what his buddy did to him and the others. All Chapman did was redistribute their wealth to someone he felt was more deserving - himself. Besides, aren't liberals the folks who like to say that at a certain point, you've made enough money?
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