Donald C. Lacey, who ran a real estate investment firm involving investors from the Richmond area and millions of dollars, has been accused in federal court of making false promises and rarely using the money for real estate projects.The U.S. attorney’s office charged Lacey, a former Henrico County police officer, with one felony count each of mail fraud and engaging in unlawful monetary transactions. The charges were filed late Wednesday.
The charge of mail fraud carries a maximum penalty of 30 years in prison. The maximum penalty for the second charge is 10 years. The maximum fine for each charge is $250,000.“I think they ought to throw the book at him,” said Allan Mullian, a Richmond investor who, along with his family, had $2 million invested in as many as 100 properties in the Richmond area through companies Lacey was involved in.
Mullian received interest payments for 10 years from his investments, but the money stopped coming in late 2008. He’s not sure if he will recover his money.Jeffrey Everhart, Lacey’s court-appointed attorney, said yesterday that more will be known in the next two or three weeks about how the case will evolve.The U.S. attorney’s office declined to comment about the case.Bond and plea hearings are set for March 15. Read More.
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