Northern Virginia real estate developer Todd Elliott Hitt surrendered to the FBI on an outstanding arrest warrant Friday in connection with charges of securities fraud, according to a Department of Justice announcement.
The arrest warrant is part of an FBI investigation into allegations that Hitt, 53, committed securities fraud in connection with his ownership and operation of Kiddar Capital LLC, which Hitt has described as an asset management firm in Falls Church. A criminal complaint filed by the Justice Department alleges that Hitt falsely claimed that Kiddar Capital managed $1.4 billion in assets and had offices in Houston, Palm Springs and London. The DOJ complaint also alleges that Hitt failed to disclose extravagant spending, such as the leasing of private jets and the purchase of sports tickets and jewelry.
According to the Justice Department complaint, Hitt is also accused of raising more than $16 million from investors by misrepresenting that he would invest $6 million as a…Read the full story from the Washington Business Journal.