Fairfax Man Arrested for $16 Million Securities Fraud Scheme
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Fairfax Man Arrested for $16 Million Securities Fraud Scheme

A Fairfax man surrendered to the FBI on an outstanding arrest warrant in connection with being charged with having committed securities fraud, according to the U.S. Attorney’s Office for the Eastern District of Virginia.

According to court documents, Todd Elliott Hitt, 53, is alleged to have committed securities fraud in connection with his ownership and operation of Kiddar Capital, a self-described asset management firm based in Falls Church.

According to the allegations, Hitt falsely claimed that Kiddar Capital managed $1.4 billion in assets and had offices located in Houston, Palm Springs, and London. The complaint further alleges that Hitt raised more than $16 million from investors by misrepresenting that Hitt would invest $6 million as a general partner as part of a planned $33 million purchase of a Herndon building adjacent to a future stop on the Silver Line of the Washington, D.C., Metro. According to the complaint, Hitt further failed to disclose to investors his extravagant spending, which included the leasing of private jets and the purchase of sports tickets and jewelry, among other things.

Hitt is charged with securities fraud, and faces a maximum penalty of 20 years in prison if convicted. Actual sentences for federal crimes are typically less than the maximum penalties.