Fraud nets former Va. cop 10 years
A former Henrico County police officer has been sentenced to 10 years and one month in prison for defrauding investors in his house-flipping business.
U.S. District Judge Henry Hudson rejected Donald Lacey's plea for lenience Tuesday.
Hudson said the 42-year-old defendant traded on his reputation as a former law enforcement officer to cheat at least 70 people out of more than $10 million.
Lacey said in a statement to the court that he accepted responsibility for his actions but that he never intended to hurt anyone.
A federal prosecutor said Lacey used investor funds to pay for a lavish lifestyle and pay other investors in a Ponzi scheme.
-- Associated Press
Washington Post Editors
August 3, 2010; 11:42 AM ET
Categories: Financial Crimes , From the Courthouse , Virginia
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