ALEXANDRIA, Va. (AP) -- The owner of a northern Virginia financial firm has been sentenced to 12 years in prison after pleading guilty to a wire fraud that prosecutors say cheated investors out of more than $35 million.
Forty-four-year-old William Dean Chapman of Sterling was founder of Reston-based Alexander Capital Markets. Prosecutors say 122 investors lost a collective $36 million over the years in Chapman's scheme. One investor, an elected official identified in court papers only by the initials A.G., lost $18 million.
Prosecutors say investors would transfer stock holdings to Chapman as collateral for loans. Chapman then sold the stocks, despite promising investors that they would get back the value of their stocks.
Chapman tried to withdraw his guilty plea before Friday's sentencing in federal court in Alexandria but was denied.
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