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.