Owner of Henrico company involved in Ponzi scheme sentenced

HENRICO, VA (WWBT) - The owner of a now-defunct Henrico County company involved in a real estate investment scam will spend five years in prison.

David Silver plead guilty to conspiracy to commit mail fraud in a plea agreement.

Silver ran Old Dominion Financial Services and was business partners with Donald Lacey.

Lacey is serving 10 years in prison for running a Ponzi scheme that was originally exposed by investigative reporter Rachel DePompa.

In David Silver's only interview three years ago, he told NBC12 that he had no knowledge of Lacey's scheme.

The U.S. Attorney's Office also said it believes Silver didn't know about the Ponzi scheme, but they say he did mislead his investors.

Silvers been ordered to pay $8.6 million in restitution to 89 victims in Virginia and around the country. He reports to jail on July 31.

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