WASHINGTON 鈥� The owner of a Falls Church, Virginia-based asset management firm has been charged with securities fraud.
Federal prosecutors on Friday announced the charge against Todd Elliott Hitt, 53, of Fairfax, the owner and operator of Kiddar Capital. In a statement, they said Hitt falsely claimed the firm managed $1.4 billion in assets and had offices in Houston, Palms Springs and London.
Prosecutors also said Hitt lied to investors regarding the planned purchase of a building near a future Silver Line stop in Herndon, getting $16 million from investors by falsely claiming he would invest $6 million.
He also is accused of not telling investors about 鈥渆xtravagant鈥� spending habits, including leased private jets and the purchase of sports tickets, jewelry and more.
Hitt鈥檚 first court appearance is set for Friday at 2 p.m. at the Alexandria federal courthouse. He faces a maximum of 20 years if he鈥檚 convicted.
