Well-known Va. businessman pleads to $20 million fraud
ALEXANDRIA, Va. (AP) — A well-known northern Virginia businessman has pleaded guilty to multiple fraud schemes that cheated investors out of roughly $20 million.
Todd Hitt of Arlington pleaded guilty Wednesday in federal court in Alexandria to running what prosecutors described as a Ponzi scheme under the guise of soliciting investments for an office building in Herndon and other projects.
According to court documents, the 54-year-old 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 family founded Hitt Contracting, a major construction firm in northern Virginia.
He faces up to 20 years in prison when he is sentenced in June.