Rep. Grayson (D-Nutjob) loses $18 million in stock scheme | TigerDroppings.com

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TN Bhoy
USA Fan
Sketty, Wales
Member since Apr 2010
41235 posts

Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


LOL
quote:


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.

The man who ran the scheme, William Dean Chapman, was sentenced Friday in federal court to 12 years in prison. Prosecutors say Chapman used the money to fund a lavish lifestyle including a Lamborghini, a Ferrari and a $3 million home.

In most of the court papers, Grayson's identity is protected -- prosecutors say only that an elected official with the initials A.G. was the primary victim -- but documents twice mention Grayson by name.

...

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 their increased value.







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NC_Tigah
LSU Fan
Member since Sep 2003
50583 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


quote:

Rep. Grayson (D-Nutjob) loses $18 million in stock scheme

Couldn't happen to a nicer guy.

Anyone want to discuss the source of the SOB's wealth?






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Lsut81
USA Fan
Member since Jun 2005
63210 posts
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re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


quote:

Rep. Grayson (D-Nutjob) loses $18 million in stock scheme




Good for that piece of shite....


Hope the scammer does serious jail time for hurting the other victims, but I hope Grayson doesn't get shite back.






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TrueTiger
LSU Fan
Chicken's most valuable
Member since Sep 2004
9964 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


quote:

Anyone want to discuss the source of the SOB's wealth?



Isn't it odd how many of these middle class people get elected to Washington and come back multi millionaires
despite a federal salary range of $150k to $200k and the added high cost of living in D.C.?






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CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


How deserving can you get? Crazy and greedy overlapping on the interstate of brain activity.





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jamboybarry
LSU Fan
I Putt Out
Member since Feb 2011
10417 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


quote:

Anyone want to discuss the source of the SOB's wealth?


Per wiki:

quote:

In 1991 he founded the law firm Grayson & Kubli, which concentrated on government contract law. He was a lecturer at the George Washington University government contracts program and a frequent speaker on the topic.[9] In the 2000s, he worked as a plaintiffs' attorney specializing in whistleblower fraud cases aimed at Iraq war contractors. One contractor, Custer Battles, employed individuals who were found guilty of making fraudulent statements and submitting fraudulent invoices on two contracts the company had with the Coalition Provisional Authority in Iraq.[12][13] On behalf of his clients, Grayson filed suit under the False Claims Act and its qui tam provisions.[12] The jury verdict was more than $13 million, which was upheld on appeal in April 2009. The case remains the only successful prosecution of those who profited illegally from the war in Iraq. The Iraq war contractor fraud case brought Grayson his first national attention.[14] In 2006, a Wall Street Journal reporter described Grayson as "waging a one-man war against contractor fraud in Iraq" and as a "fierce critic of the war in Iraq" whose car displayed bumper stickers such as "Bush lied, people died".[15]\


quote:

Grayson made his fortune as the first president of IDT Corporation (International Discount Telecom).[10][16]






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gatorrocks
Florida Fan
Lake Mary, FL
Member since Oct 2007
8601 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


quote:

Isn't it odd how many of these middle class people get elected to Washington and come back multi millionaires
despite a federal salary range of $150k to $200k and the added high cost of living in D.C.?

Grayson was rich before Washington BUT Obama has increased his net worth by about 12,000%.






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ApexTiger
LSU Fan
cary nc
Member since Oct 2003
30382 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


quote:

Anyone want to discuss the source of the SOB's wealth?


I'd like to know how these guys get so wealthy before politics






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Plan 9
LSU Fan
Earth
Member since Oct 2003
3469 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


Hussein and Mooch are cleaning up, courtesy of the US taxpayers.





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GumboPot
LSU Fan
Saints Fan
Member since Mar 2009
23943 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


quote:

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 their increased value.



ETA: how could anyone fall for this shite is beyond me...



This post was edited on 12/10 at 8:13 am


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HonoraryCoonass
LSU Fan
Member since Jan 2005
5349 posts
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re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


Republicans' fault. Or George Bush's.


This post was edited on 12/10 at 8:31 am


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roygu
Member since Jan 2004
8190 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


If Mr Chapman wanted to have that life style he should to run for political office. He wouldn't need to own it he could use taxpayers money for planes, limousines, chafferer.





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hawkster
Member since Aug 2010
4998 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


quote:

ETA: how could anyone fall for this shite is beyond me...


The ridiculous promise he fell for is totally believable compared to the bull shite that his voters fall for on every election.






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NC_Tigah
LSU Fan
Member since Sep 2003
50583 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


quote:

Grayson made his fortune as the first president of IDT Corporation (International Discount Telecom).[10][16]
That is indeed what Grayson claims.
Evidence backing his claim is basically nonexistent.

The problem is Grayson is a pathological liar.
E.g., He claims "there is overwhelming evidence that the Tea Party is the home of bigotry and discrimination in America today, just as the KKK was for an earlier generation."






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CITWTT
LSU Fan
baton rouge
Member since Sep 2005
31765 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


Democrats aren't known for recognizing a Ponzi scheme dude.





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NC_Tigah
LSU Fan
Member since Sep 2003
50583 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


quote:

Democrats aren't known for recognizing a Ponzi scheme dude.

it's a bit more nefarious than that.
The scheme was all about tax avoidance.
Grayson avoided millions in taxes.






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prplhze2000
LSU Fan
Parts Unknown
Member since Jan 2007
31103 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


Go look at Bennie Thompson. was a teacher, then a county supervisor. Supes never made more than $45K or so a year.





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Zach
LSU Fan
Member since May 2005
62925 posts
 Online 

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


How terribly distressing. Excuse me while a take a few moments to weep for him.





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Dead End
USA Fan
Baton Rouge
Member since Aug 2013
1079 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


quote:

Florida Democratic Rep. Alan Grayson


POS






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REG861
Vanderbilt Fan
New Orleans
Member since Oct 2011
14560 posts

re: Rep. Grayson (D-Nutjob) loses $18 million in stock scheme


Couldn't have happened to a more deserving person. Frick him.

And for those asking, he made his fortune (RIP) by selling pre-paid international phone cards to immigrants






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