SEC Charges Real Estate Developer With Fraud in Project Tied to New Commuter Rail Station

The Securities and Exchange Commission today charged a Virginia real estate developer with skimming investor funds that were intended for use in purchasing an office building near the site of a planned commuter rail station on the Washington Metropolitan Area Transit Authority’s Silver Line. The complaint also alleges commingling and misappropriation of investments in various real estate and other projects. As alleged in the SEC’s complaint, over at least a four-year period, Todd Elliott Hitt used two of his companies – Kiddar Capital LLC and Kiddar Group Holdings, Inc. – to raise more than $20 million from investors for the purpose of acquiring and operating the Silver Line office building, new home construction in Northern Virginia, and a fund managed by Hitt that invested in a startup business.