The owner of a Reston-based financial services firm was sentenced to 12 years in prison on Friday after pleading guilty to a wire fraud that prosecutors say cheated investors out of more than $35 million.
William Dean Chapman, 44, of Sterling, was the founder of Reston-based Alexander Capital Markets. Prosecutors say 122 investors lost a collective $36 million over several years. One investor, an elected official identified in court papers only by the initials A.G., lost $18 million.
Officials said that 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.