And no, its not Social Security:
Freshman Rep. Alan Grayson (D-Fla.) lost $3 million in a stock swindle between 2000 and 2005, a Florida television station reported this week.
According to Orlando’s Local 6, Grayson was an investor in a Ponzi scheme run by the company Derivium Capital. The scheme allowed Grayson and other investors to turn over stock to Derivium in exchange for cash loans and redeem the value later if the stock prices increased.
The station cited court filings indicating that Grayson transferred about $29 million in stock to the fund, taking out about $26 million in cash. A South Carolina court ruled earlier this year that Derivium shareholders were owed about $270 million in lost profits and that Grayson’s share of that would be about $34 million.
The moron in question is on the Financial Services Committee. Feel safe? No thought that, perhaps, Grayson was in on this and new what was going on?
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