Man Sentenced To Prison For Ponzi Scheme In Alexandria

ALEXANDRIA, VA—A former Alexandria resident will be sent to prison for a real estate Ponzi scheme that targeted more than 20 victims.

Brian Thomas Sapp, 38, who now lives in Culpeper, will serve nine years in prison for the $1.8 million scheme. Sapp pleaded guilty to wire fraud and aggravated identity theft in December.

According to court documents, Sapp conducted the scheme from 2014 to 2018. Sapp's victims were his closest friends and their families. Prosecutors say the scheme caused financial hardship for many victims, including families with special needs children.

Sapp conducted the scheme through his company Novus Properties, which claimed to buy and resell distressed lender-owned properties in DC, Virginia and Maryland. Sapp would get capital from investors to buy the homes and said he would flip the properties to make a profit.

Investors would receive falsified interlocking purchase, sale, guarantee, and HUD-1 settlement documents, making it appear like Sapp bought the properties and had a contract to sell them. He also stole the identities of sellers and buyers and digitally forged their signatures hundreds of times.

In reality, he never closed on a single deal. He spent investor money on golf trips, wealth-building seminars, meals and a custom Mercedes van with amenities. He used the van for tailgating at Penn State football games, which some victims attended.