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
Recent Stories
Fairfax County officials support the recent reinstatement of the federal eviction mortarium and plan to continue providing rental assistance to those in need. Earlier this week, the Centers for Disease…
Mother Amalis Hernandez visited a COVID-19 vaccine clinic yesterday (Wednesday) with her family to get her 13-year-old daughter vaccinated after the teen spent all of last year studying remotely. The…
Take a look at a few recently reduced properties around Reston.
Fairfax County Public Schools children will continue to get free meals amid uncertainty with the pandemic. The U.S. Department of Agriculture extended schools’ abilities to provide the food — traditionally…
