Well-known northern Va. businessman charged with $16M fraud
ALEXANDRIA, Va. (AP) — A well-known northern Virginia businessman has been charged with a $16 million fraud scheme.
Federal prosecutors in Alexandria say 53-year-old Todd Hitt of Fairfax falsely claimed to investors that he managed $1.4 billion in assets as part of his financial company, Kiddar Capital.
The charges allege Hitt persuaded investors to contribute more than $10 million to purchase of an office building in Herndon by falsely claiming he was investing $6 million of his own money. According to court documents, Hitt used some of the investors’ money on personal expenses like vacations and sports tickets.
The FBI began investigating after receiving complaints from Hitt’s employees.
Hitt has been involved in numerous real estate projects in northern Virginia. His attorney did not immediately return a call seeking comment Friday.