(WMC TV) - A former Virginia cop switched sides and started running a house-flipping scam.
U.S. postal inspectors said Donald Lacey, a former Henrico County, VA, police officer, lured investors into a business that was buying, then quickly selling houses.
Inspectors said hundreds of gullible victims signed up, enticed by Lacey's promises of a 12 percent return on their money.
"What Mr. Lacey didn't tell his investors was that the money was going to three entities under his control," said U.S. Postal Inspector Marydith Newman. "He took the money for his personal use."
Newman said Lacey's investment scam cost more than 200 people over $9 million. He used his former position as a law enforcement officer to rip them off.
"The people he solicited from were people he knew very well, based on his reputation," she said.
Postal inspectors asked if you suspect someone has pitched you an investment scam, report it immediately at www.usps.com/postalinspectors.
Lacey was sentenced to 121 months in prison, according to the U.S. Attorney's Office, Eastern District of Virginia.