Former Richmond developer ordered to pay $9.7 million in restitution for tax credit scheme


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RICHMOND, Virginia — A former developer will pay nearly $9.7 million in restitution to victims of a tax credit scheme.

A federal judge in Richmond on Friday signed a court order Friday on the amount of restitution for Billy Gene Jefferson Jr.

Jefferson was sentenced to 20 years in prison in September for the $12 million tax credit scheme and plotting to flee the country.

The scheme involved inflating renovation expenses on historic properties to qualify for bigger tax credits, even after another Richmond developer was sentenced to 16 years in prison for a similar scam.

The Richmond Times-Dispatch ( reports 29 apartment buildings once owned by Jefferson will be sold at auction Dec. 18. The proceeds will be used toward restitution.

Information from: Richmond Times-Dispatch,

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