Todd Elliott Hitt, Founder of Asset Management Firm Kiddar Capital, Allegedly Raised $20 Million from at Least 29 Investors; Hitt Arrested & Charged with Securities Fraud
Todd Hitt, founder of Falls Church-based asset management firm Kiddar Capital, raised at least $20 million from at least 29 investors, and has recently been arrested and charged with securities fraud, according to an SEC Complaint under review by investor rights attorney Alan Rosca.
Alan Rosca, of the Goldman Scarlato & Penny PC law firm, is investigating activity related to Todd Hitt and Kiddar Capital’s alleged securities fraud. Investors who believe they may have lost money in activity related to Todd Hitt and Kiddar Capital are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Todd Hitt, Kiddar Capital LLC, and Kiddar Group Holdings, Inc., from no later than
mid-2014 through at least September 2018, allegedly engaged in a scheme to solicit
investments in various real-estate and other projects, made material misrepresentations and omissions about the investments, and unlawfully misappropriated and commingled investor
funds, the Complaint states.
Todd Hitt Allegedly Commingled Investor Monies & Proceeds from the Projects, Transferred Funds, & Misappropriated Investor Funds to Fund his Extravagant Lifestyle
Todd Hitt allegedly told investors he planned to use their cash to invest in an office building along the Washington, DC-area Metro line, construction projects for new homes in Northern Virginia, and a start-up technology venture, according to the aforementioned SEC Complaint.
Hitt, however, in reality, allegedly commingled investor monies and proceeds from the projects and transferred funds to and from the Relief Defendants, misappropriated investor funds to support his extravagant lifestyle, and made Ponzi-style payments to prior investors, the Complaint notes.
Todd Hitt also allegedly kept money from investors to himself rather than putting it into projects and used it to pay off $222K of credit card debt, the Complaint states.
Hitt recently surrendered to the FBI and appeared in federal court in Alexandria, Virginia, after investigations by the Justice Department, the FBI and the SEC revealed an alleged $16M scheme to defraud investors in his private equity firm and its affiliates, the Complaint notes.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Todd Hitt and Kiddar Capital’s alleged securities fraud scheme. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of Todd Hitt and Kiddar Capital’s alleged securities fraud scheme may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at email@example.com, or through the contact form on this webpage.