RICHMOND, Va. — Despite testimony from his family, friends and priest, a Charlottesville businessman was sentenced Thursday in Richmond to seven years in federal prison for pillaging the nest egg of his best friend’s widow, defrauding a Virginia bank and stealing from his fraternity, reported RichmondBizSense.com.
Victor M. Dandridge III received an 84-month sentence from Judge Henry Hudson after pleading guilty to two counts of wire fraud and one count of bank fraud, charges stemming from a 10-year scheme that bilked Richmonder Lynne Kinder and her family of at least $3 million.
Dandridge also admitted to federal investigators that he defrauded Blue Ridge Bank in Luray, Virginia, and the Virginia Omnicron Chapter House in Charlottesville, associated with the Sigma Alpha Epsilon fraternity. Dandridge, 53, is a UVA alum and was a member of that fraternity.
The sentence was in line with the 87 months requested by federal prosecutors, but far heavier than the 12 months in prison and 11 years of supervised released argued for by Dandridge and his attorneys. They argued that less prison time would allow him to work and earn income for restitution.
Dandridge began managing Kinder’s money shortly after the 2005 death of her husband Trey, who left more than $6 million for his wife and two daughters. Dandridge and Mr. Kinder were lifelong friends, having grown up together in Roanoke.
Kinder took the stand at Thursday’s hearing, describing the emotions of suddenly becoming a widow and Dandridge’s offer to manage the family’s money because he “owed it to Trey.”
“It makes me sick to my stomach that he wakes up every day knowing he was ruining me financially,” said Kinder, alleging that Dandridge stole more than $6 million from her, differing from the $3.1 million calculated by the feds.
She said she believes Dandridge’s actions were premeditated.
“I constantly have to relive my husband’s death, confounded by the betrayal of his best friend,” she said.
Continue reading on RichmondBizSense.com.