Crime & Safety

Owner of Reston-based Financial Firm Sentenced to 12 Years

William Dean Chapman, the owner of a Northern Virginia financial firm, has been sentenced to 12 years in prison for wire fraud.

Alex McVeigh's profile picture
Alex McVeigh, Patch StaffVerified Patch Staff Badge

William Dean Chapman, founder of a Reston-based financial firm, has been sentenced to 12 years in prison after pleading guilty to wire fraud according to the Associated Press. 

Prosecutors said the Chapman, 44, founder of Alexander Capital Markets, which had offices at Plaza America, cheated investors out of more than $35 million.  

Per the AP:

Find out what's happening in Restonwith free, real-time updates from Patch.

    "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."



        FOLLOW RESTON PATCH FOR THE LATEST NEWS AND EVENTS!
        Facebook | Twitter | Daily & Breaking News E-mail Updates 

        Get more local news delivered straight to your inbox. Sign up for free Patch newsletters and alerts.

        We’ve removed the ability to reply as we work to make improvements. Learn more here

        To request removal of your name from an arrest report, submit these required items to arrestreports@patch.com.

        More from Reston