Gregg Seitz, Investment Fraud Scheme, Virginia 2024

Gregg Seitz, a 49-year-old resident of Alexandria, Virginia, has pleaded guilty to a $2.3 million investment fraud scheme that left numerous investors reeling. Seitz, who ran multiple scams, duped investors into believing they were investing in lucrative real estate opportunities.

Seitz claimed to have experience with large real estate deals and to be earning large returns on his own money from these investments. However, in reality, there were no real estate deals. Instead, Seitz used new investor money to pay back old investors and finance his own lavish lifestyle.

Seitz’s scheme involved recruiting investors to lend money to finance a purported software company that supposedly had a lucrative contract with the U.S. Department of Homeland Security. However, this was a complete fabrication, and the money was used to fund Seitz’s own extravagances.

Seitz spent the ill-gotten gains on luxury cars, mortgage payments on a townhouse in Alexandria, a wine business, travel to Mexico, Italy, and the Caribbean, and purchases from high-end retailers. The total loss to investors was a staggering $2.3 million.

Seitz faces a maximum penalty of 20 years in prison when sentenced on July 7. However, actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge will determine any sentence after taking into account the U.S. Sentencing Guidelines and other statutory factors.

U.S. Attorney for the Eastern District of Virginia, Dana J. Boente, and Assistant Director in Charge of the FBI’s Washington Field Office, Andrew W. Vale, made the announcement after U.S. District Judge Gerald Bruce Lee accepted the plea. Assistant U.S. Attorney Katherine L. Wong is prosecuting the case.

The case serves as a stark reminder of the importance of due diligence and research when investing in any opportunity. It highlights the devastating consequences of falling victim to investment scams and the need for vigilance in protecting one’s financial well-being.

Gregg Seitz’s actions have caused irreparable harm to numerous investors, leaving them with significant financial losses. His guilty plea brings a measure of closure, but it also serves as a warning to others to be cautious and do their due diligence before investing in any opportunity.

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