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Local developer arrested again

Burl Rolett February 21, 2014 0

Local developer Billy G. Jefferson Jr. is back in jail.

The prominent Richmond landlord and apartment developer, who is awaiting sentencing for scamming the federal and state historic tax credit programs, was arrested at his home Feb. 14 by U.S. Marshals for allegedly violating conditions of his federal bond agreement.

Billy G. Jefferson Jr.

Billy G. Jefferson Jr.

He has since been held at the Pamunkey Regional Jail in Hanover County and is scheduled to appear in federal court for a status hearing at 10 a.m. Friday.

Jefferson was set free on bond after pleading guilty in December to one count each of major fraud against the United States and engaging in unlawful monetary transaction in a real estate redevelopment tax-credit scam related to at least 10 Richmond area rental properties.

Jefferson, who headed up local real estate firm Historic Property Management, faces up to 20 years in prison and is on the hook for almost $13 million in restitution. The case found that he defrauded the state and federal tax credit systems out of more than $7 million.

His sentencing date is set for April 8.

At Jefferson’s federal plea hearing in December, Judge John A. Gibney allowed Jefferson to remain free on bond in order to “complete some transactions that will ultimately benefit everyone in this case.” His plea agreement stated Jefferson would liquidate a sufficient amount of his holdings to cover the restitution.

Jefferson in September unloaded a Monument Avenue house next to his own mansion. Business entities tied to Jefferson own more than 45 properties in Richmond, which are assessed at a total of more than $78 million.

Bond conditions required Jefferson to keep federal authorities informed of all real estate-related activity and stay in weekly contact with his counsel. They also forbade him from owning a firearm or using drugs or alcohol to excess and set restrictions on his travels.

Federal court records related to last week’s arrest do not indicate which of the bond provisions Jefferson allegedly violated.

Jefferson was first arrested by the state in April 2013 on charges related to the historic tax-credit fraud. Six of those counts were dropped in July, and the remaining charges were dropped in January.

Jefferson is represented in the case by Hunton & Williams attorney John Martin and Williams Mullen attorney Chuck James. James did not return a phone message by press time.

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