Posted by Terry Alexander - email
RICHMOND, VA (WWBT) - A follow-up to an NBC12 investigation. For weeks we've been telling you about a former Henrico county police officer accused of bilking hundreds of people out of millions of dollars. Tonight we found out what he was worth and where his money was going last year.
The FBI and several other agencies are investigating the investment deals of Donald Lacey. He was supposed to buy and renovate homes, then sell them for a profit. Tonight we show you documents given to us from alleged victims that detail his financial picture in January of 2008.
Al Mullian's family lost more than two million dollars in investment deals with Donald Lacey.
"This is his financial statement," said Richmond Investor Al Mullian.
When Lacey defaulted on all his loans, Mullian asked Old Dominion Financial Services for Lacey's financial statement.
David Silver is the president. He confirmed this is the document he gave Mullian signed by Lacey.
"Obviously Lacey was given all this money and he didn't finish the houses. Where's the money?" said Mullian.
In January of 2008 Lacey owned or leased at least six homes across Virginia totaling nearly six million dollars. From a ski house in Wintergreen to a 1.8 million dollar home in Middlesex county, right on the Rappahannock River. It's now for sale with an asking price of 1.9 million.
In 2008, Lacey listed his five bedroom home in Hanover county was worth 1.6 million. This year it was assessed at just over a million.
Last week Lacey's attorney said his client's was trying to sell the home.
"He would sell it. He has tried to sell it. He would sell it if he could in order to return people's money. But it is completely mortgaged. It is mortgaged beyond the point that he could get anything at all for it," said Lacey's Attorney Steve Benjamin.
Investors who now say they were duped tell us Lacey's lifestyle was lavish. In 2008, he had multiple companies worth millions. He listed $500,000 in a savings account. He had two boats a Maxum and 26 foot Proline. Three Honda dirt bikes, two Polaris ATV's, two jet ski's, and at least five vehicles from Mercedes to a Denali, to a 2005 Hummer.
According to his signed financial statement his net worth in January of 2008 was more than 12.7 million dollars.
Again Lacey's net worth is from 2008, before the stock market's downward spiral and before the housing market collapsed.