The Securities and Exchange Commission has asked the judge in the civil case against real estate developer Todd Hitt to appoint Richmond attorney Bruce Matson as receiver for Hitt’s development and investment operations, according to a new motion filed in the U.S. District Court for the Eastern District of Virginia.
If appointed, Matson intends to have “significant involvement” in the matter, according to court documents. Matson, a 35-year legal veteran with expertise in bankruptcies at law firm LeClairRyan, agreed to a $300-per-hour fee and to cap total compensation at 30 percent of Kiddar Capital’s assets. Hitt has consented to the appointment of a receiver, so there will be no hearing on the matter, according to the SEC.
The motion comes as Hitt faces dual cases against him and Kiddar Capital, his asset management firm based in Falls Church — a civil case spearheaded by the SEC and a criminal securities fraud case led by the Department of Justice. I reached out to Hitt’s…Read the full story from the Washington Business Journal.