ALEXANDRIA, Va. – An Arlington man was sentenced today to
six and a half years in prison for orchestrating multiple fraud schemes that
resulted in total losses of approximately $20 million.
According to court documents, Todd Elliott Hitt, 54,
solicited approximately $30 million from investors for a variety of real estate
and venture capital investments in the Washington, D.C. area from 2014 through
August 2018. The investments included Hitt’s solicitation of approximately $17
million from investors in order to purchase a five-story office building
adjacent to a planned future stop on the Silver Line in Herndon. Hitt made
false statements and material omissions to investors by failing to disclose
that a significant portion of the monies raised were commingled with other
unrelated investment projects, used for personal spending to support an
extravagant lifestyle and new investor’s funds used to pay off old investors in
a Ponzi-like scheme. Hitt’s fraudulent conduct resulted in investor losses of
approximately $20 million.
G. Zachary Terwilliger, U.S. Attorney for the Eastern
District of Virginia, and Charles Dayoub, Acting Special Agent in Charge,
Criminal Division, FBI Washington Field Office, made the announcement after
sentencing by U.S. District Judge Leonie M. Brinkema. Assistant U.S. Attorney
Mark D. Lytle prosecuted the case.
A copy of this press release is located on the website of
the U.S. Attorney’s Office for the Eastern District of Virginia. Related court
documents and information are located on the website of the District Court for
the Eastern District of Virginia or on PACER by searching for Case No.
1:19-cr-43.
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