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Justice News

Department of Justice
U.S. Attorney’s Office
Eastern District of Virginia

FOR IMMEDIATE RELEASE
Thursday, November 9, 2017

Man Sentenced for Three Separate Frauds Totaling $3.5 Million

RICHMOND, Va. – A Charlottesville man was sentenced today to seven years in prison for committing three fraud schemes that resulted in total losses of over $3.5 million. 

According to court documents, Victor M. Dandridge, III, 53, committed three separate frauds. First, in 2006, he offered to handle the finances of his best friend’s widow and her minor children. Over the following 10 years, Dandridge diverted most of their money to bank accounts for entities he owned and controlled, using most of her money for his personal expenditures and to prop up his other failing businesses, without telling the widow. In total, Dandridge stole nearly $3.2 million from the widow. Second, in 2015, Dandridge provided false representations and omissions to Blue Ridge Bank to obtain a $300,000 line of credit. He also created fake statements for a brokerage account that was supposed to serve as collateral for the loan. Third, Dandridge embezzled over $100,000 from his fraternity alumni association, the Virginia Omicron Chapter House Association. Dandridge served as the chapter president and in 2014 refinanced their fraternity house, but diverted proceeds to his own personal bank account.

In addition to his prison sentence, Dandridge was also ordered to forfeit over $3.5 million and pay that same amount in restitution to his victims.

Dana J. Boente, U.S. Attorney for the Eastern District of Virginia, and Adam S. Lee, Special Agent in Charge of the FBI’s Richmond Field Office, made the announcement after sentencing by U.S. District Judge Henry E. Hudson. Assistant U.S. Attorney Jessica D. Aber prosecuted the case.

A copy of this press release is located on the website of the U.S. Attorney’s Office for the Eastern District of Virginia. Related court documents and information is located on the website of the District Court for the Eastern District of Virginia or on PACER by searching for Case No. 3:17-cr-83.

Topic(s): 
Financial Fraud
Contact: 
Joshua Stueve Director of Communications joshua.stueve@usdoj.gov
Updated November 9, 2017