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Fairfax Real Estate Developer Accused of Multimillion-Dollar Real Estate Fraud in Herndon

by Fatimah Waseem October 8, 2018 at 10:15 am 10 Comments

The CEO of Kiddar Capital, a Falls Church asset management firm, is accused of lying about the size and value of his company and defrauding investors about a $33 million office building in Herndon, according to charges filed in federal court. 

Todd Elliott Hitt, 53, was charged with securities fraud and surrendered to the FBI on Friday.

According to court documents, which were unsealed on Friday, Hitt raised nearly $11 million by falsely claiming to buy the building near a planned Herndon Metro stop. He spent around $9 million to purchase the 4.8-acre office building and relied on bank loans for the remaining balance on the purchase.

Prosecutors say Hitt was involved in an alleged $16 million scheme to defraud investors.

The U.S. Securities and Exchange Commission also found Kiddar claimed to be a global firm with $1.4 billion under management in London, Houston, and Florida, but in reality, the local company only had one office in Falls Church and managed far less than $1 billion.

They also noted that Hitt failed to disclose to investors his “extravagant spending,” which included leasing private jets and buying sports tickets and jewelry.

The complete release can be found online.

Photo via Kiddar Capital

  • Fact

    Nobody is perfect.

  • Birds of a feather

    He’ll have a full Presidential pardon and a job on Trump’s cabinet in no time.

  • George Alvarez

    Looks like the FBI is doing a good job again.

    • Mike M

      You mean not like Robert Hanssen, Whitey Bolger, James Comey, and the countless other disasters?

      • Comey elected TRump with his showmanship against Hillary. So Donald will take care of him.

        • Mike M

          I am a Trump voter. Comey had nothing to do with my vote. Neither did the Russians. Grow up and learn about your fellow citizens. You are not superior.

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