U.S. Attorney Dana J. Boente announced Thursday a Virginia man was sentenced to seven years in prison for committing three separate fraud schemes.
Fifty-three-year-old Victor M. Dandridge, III of Charlottesville volunteered to take control of his best friend’s window finances in 2006. Over a 10-year period, Dandridge diverted most of the victim’s money to his personal bank. He utilized the money to fund his “failing businesses.” He stole almost $3.2 million from the widow and her minor children.
Dandridge provided false omissions and representations to Blue Ridge Bank to obtain a $300,000 line of credit in 2015. He created bogus statements for a brokerage account to serve as collateral for the loan.
Dandridge served as the chapter president for the Virginia Omicron Chapter House Association. In 2014, he fraudulently refinanced their fraternity house and diverted the proceeds to a bank account he owned and controlled. Dandridge embezzled more than $100,000 from the fraternity alumni association.
U.S. District Judge Henry E. Hudson ordered Dandridge to pay more than $3.5 million in restitution to the three victims.