Newsletter

Founder of Falls Church-Based Kiddar Capital Arrested on Securities Fraud Charges

Todd Hitt, the founder of Falls Church-based Kiddar Capital and a member of the prominent construction family, has been arrested by the FBI and charged with securities fraud.

Earlier this year Kiddar made several announcements to some fanfare in the local business press: bringing on the son of a well-known local real estate developer to head the company’s venture capital group, making plans to invest significantly in homebuilding projects, and planning to relocate to a new office building in Falls Church.

Today, however, Hitt is due to appear in federal court in Alexandria, facing charges that come with a maximum penalty of 20 years in prison.

The company’s Twitter and Instagram accounts have been shut down. Its Facebook page remains active but has not posted new content since August.

More on the charges via a press release from the U.S. Attorney’s Office for the Eastern District of Virginia:

A Fairfax man surrendered to the FBI on an outstanding arrest warrant today in connection with being charged with having committed securities fraud.

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, who will make his initial appearance today at 2 p.m. at the federal courthouse in Alexandria, 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. A federal district court judge will determine any sentence after taking into account the U.S. Sentencing Guidelines and other statutory factors.

G. Zachary Terwilliger, U.S. Attorney for the Eastern District of Virginia, and Nancy McNamara, Assistant Director in Charge of the FBI’s Washington Field Office, made the announcement after the charges were unsealed. Assistant U.S. Attorney Mark D. Lytle is prosecuting the case.

The case is being investigated by the FBI’s Washington Field Office, with significant assistance provided by the U.S. Securities and Exchange Commission.

Recent Stories

Live Fairfax is a bi-weekly column exploring Fairfax County. This recurring column is sponsored and written by Sharmane Medaris of McEnearney Associates. Questions? Reach Sharmane at 813-504-4479. Are you an inspired foodie like…

The clock is ticking for Fairfax County and the D.C. region to adopt a new transportation plan aimed at reducing greenhouse gas emissions. This past June, the National Capital Region…

Giant Food in Vienna (via Google Maps) A man who allegedly fired a gun during a family dispute in the parking lot of Vienna’s Giant Food has been arrested, the…

Inova workers who helped administer Covid vaccines, including for school employees, will be among those honored by Fairfax County (photo by Karen Bolt/Fairfax County Public Schools) As work gets underway…

Chris Green is one of the DMV’s finest fitness instructors. A Lululemon and South Block ambassador, he is a coach and mentor to so many. He embodies grace, positivity and motivation in ways that no one else can. If we could all learn a thing or two from him, the world would be a much better place. He does so much for others, and does so with a smile on his face 99% of the time.

He recently ruptured his Achilles and has an incredibly long and tough journey ahead. As if COVID hadn’t impacted fitness professionals enough, throw this in the mix and it’s a double, even triple whammy. CG is no longer able to work and do what he loves for the time being because of this and we’d love your support.

Read More

Submit your own Community Post here for just $99.

The Rhea Baker State Farm Agency is proud to support Shelter House in providing safe places to be during quarantine. Shelter House’s mission is to prevent and end homelessness and domestic violence. Right now they are providing over 200 hotel rooms to those in need in our community. In the past year, across all programs, Shelter House served nearly 500 households comprised of over 1,500 individuals, 60% of which were children.

Of the households that exited shelter, over 70% moved to permanent housing. The Baker Agency has served Vienna and Tysons residents and business owners since 2007 and proudly offers insurance solutions for you home, condo, auto insurance, life insurance and more. We offer complimentary reviews and coach teen drivers to safer, better drivers, and to help keep your auto insurance rates down! We are always happy to talk or text at 703-847-6880.

Submit your own Community Post here for just $99.

×

Subscribe to our mailing list