- The Washington Times - Tuesday, December 10, 2013

Florida Rep. Alan Grayson, known as a heated defender of Democratic Party principles and partisan attacker of Republican views — especially during the Obamacare debates — was one of more than 100 victims of a massive stock trade scheme.

He lost about $18 million, the congressman’s office said, Fox News reported.

Mr. Grayson‘ loss came to light during the court sentencing of William Dean Chapman, who was given 12 years in prison for taking investors’ money and using it to buy a Lamborghini, a Ferrari and a $3 million house.

Mr. Grayson’s identity was hidden in most court documents, but twice he was mentioned by name, Fox News said.

The congressman used to say he was an expert at picking stocks and investments, and that’s primarily how he grew his fortune, Fox News reported. But he was caught up in the scheme in which Mr. Chapman basically asked clients to give him control of their stocks. The clients could then take loans on their portfolios — but Mr. Chapman then turned around and sold the stocks. He could not repay his clients.

“That’s why [Chapman] is going to prison for a long, long time,” Mr. Grayson said, to The Associated Press. “At least in the end, some kind of justice was served.”



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