In the “It couldn’t happen to a nicer guy” department

It seems that one of the scummiest members of the House of Representatives has gotten himself scammed. How badly you ask? This prize winning moron had $18 MILLION dollars stolen from him.

And who, you may be wondering, was so stupid as to get taken? Why that would be Florida Representative and all around dirtbag Alan Grayson (Moonbat-FL). Here are some of the details from Fox News:

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.

I feel bad about the other 100 people. Grayson? Not at all.

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.

Gee, that was nice of Grayson to buy all those nice things for this felon. I’m sure he has been announcing his generosity loudly. Umm, not so much.

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.

I’m sure that Grayson’s name being listed was just a simple oversight. And I’m also sure that Obama will go down in history as the greatest, most competent president ever. (That was sarcasm for those of you in Moonbat land)

Nothing in the court papers suggests Grayson was anything but a victim of the scheme. Grayson, a former trial attorney, said he has had a long record for picking winning stocks, which formed the basis for his personal fortune.

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.

This sounds like some form of short selling, but it just doesn’t sound right to me. Frankly, I would be very hesitant to try something like this, but then I am a cautious investor by nature. Still, I’m sure this was just a one off for Grayson.

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.

As I said before, my alarm bells started ringing as soon as I saw how this was supposed to work. It just seems to me to be to much of a “Good Thing” to be true.

Grayson said the loans themselves were a perfectly reasonable way to manage his portfolio, but relied on Chapman and Derivium to hold up their end of the bargain. He disputed that the astronomical returns to which he was entitled caused Chapman’s downfall.

“If they had not sold the collateral, it all would have worked,” said Grayson, who is generally listed as one of the 20 wealthiest members of Congress with assets of more than $20 million. His financial disclosure forms list holdings in dozens of stocks. His dealings with Chapman preceded his time in Congress, which began in 2009.

Ok, this looks to me like the typical Progressive Liberal Elitist way of thinking. I have a sneaking suspicion that this whole idea with the loans was a way to minimize Grayson’s tax liability as well as enrich himself. In and of itself, not a bad thing, but maybe he would consider downsizing government’s reach into people’s pockets so they can have a chance at making it big. Oh wait, silly me. As a paid up member of the Progressive Liberal Elitist Hypocrite’s club, Grayson is a true believer in “What I have is mine, what you have is negotiable, but I’m going to want that too.” He was such a sleazebag in Congress that he was voted out in the 2010 massacre, but somehow managed to scam his way back in during the 2012 presidential election. I suspect he wold have lost of Obama had been off the ticket.

Getting back to Grayson’s name coming out, he is rather unhappy about it.

Grayson also expressed concern that his identity as a victim was not protected by the court file, and that a defense motion and an attachment to a prosecution motion both identified him by name despite procedures that are supposed to be in place to protect victims’ privacy.

“I think that’s unfortunate,” Grayson said. “They should have been more careful, should have used my initials throughout rather than using my name.”

Oh I’m sure, as I mentioned earlier, it was just a small oversight. *wink* *wink* *nudge* *nudge* Say no more. It isn’t like Grayson hasn’t annoyed just about everyone around him as near as I can tell. It doesn’t help that he’s also a slimy ambulance chasing lawyer. Lawyers really aren’t that popular.

Now I could say that I feel sorry for Grayson, but frankly I don’t. He is everything that is wrong with Congress and is working only for himself. He is one of the reasons Obamacare made it through and as far as he’s concerned, so what of people lose their insurance, and people who are desperately ill end up dying. I only wish that William Dean Chapman, convicted criminal, had managed to take every penny Grayson had, and left nothing that could be attached to pay that thug back.

Thatisall

~The Angry Webmaster~

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