Florida Democrat Alan Grayson should have been able to cash in on tens of millions of dollars in returns on his stock portfolio, but prosecutors say the Virginia man behind the scheme sold the stocks out from under Grayson when they should have been kept as loan collateral.
William Dean Chapman, of Sterling, Va., was sentenced to 12 years in prison Friday for cheating 122 investors out of more than $35 million.
Court papers indicate no wrongdoing on Grayson's part. His name was supposed to be withheld from the documents, but showed up in two motions. The congressman confirmed Monday he lost money in the fraud.
Also on HuffPost