Alexandria’s Gregg Seitz Pleads Guilty to $2.3M Investment Fraud

ALEXANDRIA, Va. – Gregg Seitz, a 49-year-old man from Alexandria, has pleaded guilty to conspiracy to commit wire fraud, after running a multimillion-dollar investment scam.

The scam, which bilked investors out of over $2.3 million, was centered around two separate schemes. Seitz first attracted investors by promising them high returns on real estate investments. He claimed expertise in large-scale real estate deals and even suggested his own money was earning substantial profits through these ventures. However, there were no actual real estate deals; instead, Seitz used the funds to pay off previous investors while financing his lavish lifestyle.

In a second scheme, Seitz convinced additional investors to loan him money under false pretenses of a lucrative software company contract with the Department of Homeland Security. Once again, these claims were lies, and the money was funneled into personal expenses like luxury cars, high-end retail purchases, and travel.

Seitz’s fraudulent activities came to light when he could no longer sustain the facade, leading him to face a maximum sentence of 20 years in prison. He is scheduled to be sentenced on July 7th, with actual sentences for federal crimes typically less than the maximum penalties.

The U.S. Attorney’s Office for the Eastern District of Virginia and the FBI’s Washington Field Office have been instrumental in this investigation. Assistant U.S. Attorney Katherine L. Wong will be handling the prosecution of Seitz’s case.

For more information, visit the official website of the U.S. Attorney’s Office or the District Court for the Eastern District of Virginia. Search Case No. 1:16-cr-98 on PACER for related court documents and details.