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Richmond man pleads guilty in real estate scheme

Tuesday - 3/20/2012, 4:14pm  ET

RICHMOND, Va. - The former owner of a Henrico County real estate investment company has pleaded guilty to conspiracy to commit mail fraud.

Federal prosecutors say 59-year-old David Silver of Richmond pleaded guilty Tuesday in U.S. District Court. Silver faces a maximum of five years in prison when he is sentenced June 25.

Silver owned Old Dominion Financial Services, which directed investor funds to a house-flipping business run by Donald Lacey, a former Henrico police officer. Lacey was convicted last year of cheating dozens of investors out of more than $10 million and was sentenced to 10 years and one month in prison. Prosecutors say Silver lied to investors about how their money would be used and protected.

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