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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

By Washington Post Editors  |  August 3, 2010; 11:42 AM ET
Categories:  Financial Crimes , From the Courthouse , Virginia  
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Comments

Too bad, so sad! he needs to go to jail and mingle with folks he helped put there...that should be fun!

Posted by: pennv | August 3, 2010 1:49 PM | Report abuse

What about his assets? Anything worth $$$ so those he cheated can get some kind of compensation?

Posted by: DecafDrinker | August 3, 2010 2:26 PM | Report abuse

What about his assets? Anything worth $$$ so those he cheated can get some kind of compensation?

Posted by: DecafDrinker | August 3, 2010 4:25 PM | Report abuse

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