A Virginia man has been arrested on charges related to defrauding investors of a local newspaper. 52-year-old Brian Thomas Reynolds of Leesburg, Virginia is accused of defrauding the investors and lenders to a company he controlled that operated a local Loudoun County newspaper.
Reynolds is accused of making several materially false and fraudulent representations to current and potential investors and lenders regarding the value and existence of advertising contracts. It is alleged that Reynolds created fake advertising contracts when none existed.
Reynolds is accused of creating altered loan documents to defraud an individual who had lent money to the company. He allegedly changed the language of the loan agreement to conditions that were more favorable to Reynolds and the company. A second indictment charges Reynolds with unlawfully possessing eight firearms and ammunition and making false statements to the FBI.
Reynolds is a convicted felon. He has been charged with 11 counts of wire fraud, one count of unlawful possession of firearms by a convicted felon and one count of making false statements. Further details can be found here.