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East End News

Lacey released from prison, scheme left behind vacant and demolished houses

Donald Lacey has been released from prison after serving 6 years for his role in a $15.2 million dollar real estate ponzi scheme involving nearly 100 vacant houses in the East End:

Investors gave money to Lacey to buy and renovate fixer-uppers in Richmond, with the idea that those properties would be rented or flipped at a profit. In most cases, however, the work was never done and liens against the properties surpassed their values.

We detailed the 90+ vacant houses owned by Lacey’s companies almost exactly 7 years ago. Many of these houses are still vacant or have been demolished after having been ignored and then left in legal limbo.

Area houses owned by Lacey in 2009 →

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Then and now on Q Street - Church Hill People's News | Richmond, VirginiaPaul S Recent comment authors

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Paul S

These ponzi scheme perpetrators never seem to get jail time remotely commensurate with the damage they inflict. IMHO he should have gotten at least 15 years.

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[…] Donald Lacey was released from prison in October after serving 6 years for his role in a $15.2 million dollar real estate ponzi scheme involving nearly 100 vacant houses in the East End. […]