Virginia man sentenced to 3 years in fraud scheme
ALEXANDRIA, Va. (AP) — A Virginia man has been sentenced to three years in prison and ordered to pay $2.3 million in restitution for what federal authorities say were multiple scams that defrauded investors.
Prosecutors say 50-year-old Gregg Seitz of Alexandria, who was sentenced Friday, recruited investors to invest in purported opportunities to buy, renovate and “flip” distressed real estate properties.
Authorities say Seitz also recruited victims to finance a purported software company that he falsely claimed had a lucrative contract with the Department of Homeland Security.
Officials say Seitz used new investor money in both schemes to pay back old investors and finance his own lavish lifestyle.