Richmond Federal Courthouse. (BizSense file photo)
A Charlottesville businessman faces a federal prison sentence this afternoon after pleading guilty to defrauding the widow of a Richmond investment banker, a western Virginia bank and his UVA fraternity.
If federal prosecutors get their way, Victor M. Dandridge III will serve 87 months on two counts of wire fraud and one count of bank fraud.
Dandridge and his attorneys have asked for 12 months in prison followed by 11 years of supervised release, arguing in court filings that such a sentence would allow him to earn income that can be used to repay his victims.
Those victims include Richmonder Lynne Kinder, whose late husband Carr Lanier “Trey” Kinder was a lifelong friend of Dandridge’s.
Dandridge began managing the family’s money after Trey Kinder’s death in 2005, ultimately admitting to pillaging about half of the $6 million nest egg left for the widow and her two daughters.
Dandridge also admitted to federal investigators that he defrauded Blue Ridge Bank in Luray, Virginia, and the Virginia Omnicron Chapter House in Charlottesville, associated with the Sigma Alpha Epsilon fraternity.
He admitted to lying to the bank and falsifying documents to secure a $300,000 loan.
In bilking the fraternity, the UVA grad admitted to helping the organization refinance a loan on a house it owns in Charlottesville for $330,000, even though the balance on the mortgage was only $204,000. He then had the closing agent wire the difference into his personal bank account.
Dandridge, 53, has agreed to pay restitution of $3.19 million to Kinder, $303,000 to the bank and $118,000 to the fraternity.
Arguing for a lighter sentence, Dandridge’s attorneys said he has accepted responsibility and cooperated with investigators, including making them aware of defrauding the bank and the fraternity, crimes they hadn’t initially known about.
“Dandridge defrauded his best friend’s widow, a well-known local bank and the brothers of his fraternity house. A more degrading fraud is difficult to imagine,” his sentencing document states.
His attorneys claim Dandridge did not set out to bilk Kinder and her family, but rather made bad decisions to tap into Kinder’s funds to prop up his own failing businesses, which included a lighting company and tutoring franchises.
“He remained convinced that he could stabilize the business, recoup the victims’ funds and set things right,” Dandridge’s attorneys state in their argument for sentencing.
Dandridge, who has remained free on bond throughout the case, has proffered an accelerated restitution schedule to make his victims whole, promising to pay 25 percent of his gross income or $30,000 annually, whichever is greater, in monthly installments of no less than $2,500. Those payments are to begin 90 days after his release from prison.
Should he violate the terms of his supervised release, Dandridge and his attorneys offered up a provision that would require him to then serve an 84-month prison sentence.
“Dandridge is committed to spending the remainder of his life making amends, as best he can, and believes that he would be able to earn substantial sums of money upon his release from prison in order to repay the victims of his crimes,” his attorneys state in filings.
“It is his hope that he can resume successful stock trading at some point in the future and, without the failing businesses to support, can make significant progress towards repaying the victims of his actions.”
His sentencing request document also includes examples of letters from friends, neighbors and others attesting to his character. Many express shock that he would have committed such crimes.
“Collectively, these letters paint a picture of an extraordinary man, a good man, a man loved by his family, friends and the community who lost his way and is working hard to find it again,” his lawyers state.
Dandridge’s sentencing is set for 3 p.m. Thursday before Judge Henry Hudson in the Richmond federal courthouse.
He is represented by attorneys Francis Lawrence and Kellen Galloway of St. John, Bowling, Lawrence & Quagliana in Charlottesville. Lawrence did not return a call for comment by press time.
The prosecution is led by Jessica Aber, Assistant U.S. Attorney for the Eastern District of Virginia.
Richmond Federal Courthouse. (BizSense file photo)
A Charlottesville businessman faces a federal prison sentence this afternoon after pleading guilty to defrauding the widow of a Richmond investment banker, a western Virginia bank and his UVA fraternity.
If federal prosecutors get their way, Victor M. Dandridge III will serve 87 months on two counts of wire fraud and one count of bank fraud.
Dandridge and his attorneys have asked for 12 months in prison followed by 11 years of supervised release, arguing in court filings that such a sentence would allow him to earn income that can be used to repay his victims.
Those victims include Richmonder Lynne Kinder, whose late husband Carr Lanier “Trey” Kinder was a lifelong friend of Dandridge’s.
Dandridge began managing the family’s money after Trey Kinder’s death in 2005, ultimately admitting to pillaging about half of the $6 million nest egg left for the widow and her two daughters.
Dandridge also admitted to federal investigators that he defrauded Blue Ridge Bank in Luray, Virginia, and the Virginia Omnicron Chapter House in Charlottesville, associated with the Sigma Alpha Epsilon fraternity.
He admitted to lying to the bank and falsifying documents to secure a $300,000 loan.
In bilking the fraternity, the UVA grad admitted to helping the organization refinance a loan on a house it owns in Charlottesville for $330,000, even though the balance on the mortgage was only $204,000. He then had the closing agent wire the difference into his personal bank account.
Dandridge, 53, has agreed to pay restitution of $3.19 million to Kinder, $303,000 to the bank and $118,000 to the fraternity.
Arguing for a lighter sentence, Dandridge’s attorneys said he has accepted responsibility and cooperated with investigators, including making them aware of defrauding the bank and the fraternity, crimes they hadn’t initially known about.
“Dandridge defrauded his best friend’s widow, a well-known local bank and the brothers of his fraternity house. A more degrading fraud is difficult to imagine,” his sentencing document states.
His attorneys claim Dandridge did not set out to bilk Kinder and her family, but rather made bad decisions to tap into Kinder’s funds to prop up his own failing businesses, which included a lighting company and tutoring franchises.
“He remained convinced that he could stabilize the business, recoup the victims’ funds and set things right,” Dandridge’s attorneys state in their argument for sentencing.
Dandridge, who has remained free on bond throughout the case, has proffered an accelerated restitution schedule to make his victims whole, promising to pay 25 percent of his gross income or $30,000 annually, whichever is greater, in monthly installments of no less than $2,500. Those payments are to begin 90 days after his release from prison.
Should he violate the terms of his supervised release, Dandridge and his attorneys offered up a provision that would require him to then serve an 84-month prison sentence.
“Dandridge is committed to spending the remainder of his life making amends, as best he can, and believes that he would be able to earn substantial sums of money upon his release from prison in order to repay the victims of his crimes,” his attorneys state in filings.
“It is his hope that he can resume successful stock trading at some point in the future and, without the failing businesses to support, can make significant progress towards repaying the victims of his actions.”
His sentencing request document also includes examples of letters from friends, neighbors and others attesting to his character. Many express shock that he would have committed such crimes.
“Collectively, these letters paint a picture of an extraordinary man, a good man, a man loved by his family, friends and the community who lost his way and is working hard to find it again,” his lawyers state.
Dandridge’s sentencing is set for 3 p.m. Thursday before Judge Henry Hudson in the Richmond federal courthouse.
He is represented by attorneys Francis Lawrence and Kellen Galloway of St. John, Bowling, Lawrence & Quagliana in Charlottesville. Lawrence did not return a call for comment by press time.
The prosecution is led by Jessica Aber, Assistant U.S. Attorney for the Eastern District of Virginia.