Prominent businessman gets 6.5 years for $20 million fraud
ALEXANDRIA, Va. (AP) — A prominent northern Virginia businessman has been sentenced to more than six years in prison for multiple fraud schemes that cheated investors out of roughly $20 million.
Fifty-four-year-old Todd Hitt of Arlington pleaded guilty earlier this year in federal court in Alexandria to soliciting investments in building projects as part of what amounted to a Ponzi scheme. He used some of the investors’ money on personal expenses like vacations and sports tickets.
The sentence imposed Friday was jointly recommended by prosecutors and defense lawyers.
Hitt apologized for his actions at Friday’s hearing. Prosecutors said Hitt’s family helped make restitution to cheated investors.
Hitt has been involved in numerous real estate projects in northern Virginia. His family founded Hitt Contracting, a major construction firm in northern Virginia.