State drops charges against local developer Billy Jefferson Jr.
RICHMOND, Va. (RichmondBizSense.com) – An embattled local developer facing a federal prison sentence saw his burden get a little lighter in state court Wednesday.
The two state criminal charges against Billy G. Jefferson Jr. were dropped at a hearing Wednesday morning in Richmond City Circuit Court almost a month after the prominent local landlord admitted in federal court to obtaining about $7.78 million in fraudulent historic tax credits.
“Mr. Jefferson is glad that he can put this phase of the matter behind him, and he looks forward to making full restitution,” said Chuck James, a Williams Mullen attorney representing Jefferson.
With the state charges out of the way, Jefferson now faces an April 8 federal sentencing – at which he could receive up to 20 years in prison – plus $12.94 million in restitution and fines of up to $2.5 million.