Why this Richmond developer was put back in jail
RICHMOND, Va. (RichmondBizSense.com) – After allegedly flouting federal bond conditions and moving millions of dollars through personal accounts, family members and a pair of Las Vegas casinos, local developer Billy G. Jefferson Jr. is back in a Hanover jail as he awaits sentencing for tax credit fraud.
Details of Jefferson’s arrest on Feb. 14 – his second in 10 months related to a tax credit fraud case – were made public after a hearing Friday in Richmond federal court and after his bond was revoked.
Jefferson pleaded guilty in December to defrauding the state and federal tax credit systems. He was allowed to remain free on bond to give him a chance to raise the almost $13 million he agreed to pay in restitution. But federal prosecutors say Jefferson has failed to make any restitution.
“The United States has lost complete faith in the defendant’s ability to participate in this process,” U.S. District Attorney Michael Gill said in court Friday.