Florida Man Says He Lost Life Savings in Richmond - NBC12 - WWBT - Richmond, VA News On Your Side

Florida Man Says He Lost Life Savings in Richmond

By Rachel DePompa - bio | email                                      

Posted by Terry Alexander - email

RICHMOND, VA (WWBT) - A Florida man says he lost his life savings in real estate scam in Richmond. He's one of many people who've come forward to share their story since our investigation broke two weeks ago. 

Jack Graybeal is a 71 year old retired firefighter. He says he lost everything in an investment scam and he blames two people, one of them is a former police officer.

Jack Graybeal and his son Paul flew to Richmond from Tampa, Florida looking for answers.

"I don't even think he did siding on this one," said Graybeal.

His entire life savings is tied up in homes in Church Hill and north Jackson Ward.

Graybeal gave his money to David Silver with Old Dominion Financial Services, a 32 year old Richmond company. Graybeal says he told Silver not to invest in one place.

"He put them in different companies but the same man owned all the companies. So, he was actually giving the money to one person. Donald C. Lacey," said Graybeal.

Lacey, a former Henrico county cop, was supposed to buy and flip homes for profit. But in November he defaulted on everything and Graybeal lost $550,000.

"That's everything to me. That's all I ever accumulated. It's all the nest egg I had," said Graybeal.

This is his second trip to Richmond. He and his son are checking out each property. From the outside some look okay.  

"That's all they do to it, maybe they'll put a front door on it. And that's all they do to it," said Jack Graybeal.

But inside, it appears no work has been done. Graybeal wants to know where his money went. He says he believes David Silver wasn't paying enough attention and Donald Lacey was running a scam.

"It has to be. He didn't rehab anything. I think he was just in it for the money," Graybeal said.

Silver says he too was duped.

"I feel very, very bad for all the investors I put into this. It has changed my life completely," said David Silver, President of Old Dominion Financial Services.

Donald Lacey's attorney say his client ran an legitimate business and is trying to get people their money back. Graybeal plans to foreclose on a few of the properties. Trying to get back what he can.

"I'm going to go through the court system. And make them come to terms with this. Make them be responsible for what they've done to all these people," said Graybeal.

The Richmond FBI office says at this stage of the investigation it can not comment. Jack Graybeal's still in Richmond tonight planning to hire an attorney.

(c) 2009. WWBT, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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