Sunday, March 7, 2010

New Listing: John M. Donnelly Residence - 1520 Church Plains Road, Crozet - $679k

 The home of incarcerated Ponzi schemer John M. Donnelly has finally been listed for sale: MLS 474381.

Donnelly was sentenced in November to 7 1/2 years in Federal prison for stealing more than $5.4 million from 21 investors.  He was also ordered to pay restitution, and Court officials estimate that $275k has already been seized to pay the victims, according to The DP.

Donnelly's prison pay will also go toward restitution: $25 per month (50% of prison income) and $200 per month for three years during probation, after his scheduled release date in 2016.  He is being held in a federal prison in Morgantown, WV.  

During sentencing, one victim noted Donnelly lived a luxurious lifestyle.  1520 Church Plains Road was built in 2001, and is a 5 bedroom, 6 bath, 4,850 sq. ft. house on 3.4 acres in Crozet's Church Hill subdivision.  The house was purchased in 2003 for $440K; it is currently assessed for $597,700 in 2009 $578k in 2010  (picture above from County records).

Wife Deborah Donnelly is Executive Director of UVA's Curry School of Education Foundation  UVa's Senior Development Officer for Research and Innovation (updated thanks to commenter).  The house, which is titled jointly in both names, was purchased after the alleged Ponzi scheme began.  While Deborah Donnelly was initially named a "relief defendant," she was not found to have engaged in wrongdoing.

Additional assets include a Hummer, 64 acres in Fluvanna, and multiple motorcycles—all of which have or will be liquidated to help repay victims.  The judge was excoriating during sentencing: Norman K. Moon expressed disgust for the crime that bilked Donnelly's friends and motorcycle racing teammates.  He referred to Donnelly as "evil" and was dismissive when Donnelly's defense attorney asserted Donnelly was apologetic for the pain he'd caused the victims. 

Related Reading: 
Donnelly Sentenced
The DP's coverage of sentencing 
Wife, UVA Fundraiser Deborah Donelly, Charged as "Relief Defendant" 
SEC Press Release
SEC Complaint Against John M. Donnelly
US Commodities Futures Trading Commission Press Release
SEC Press Releases

1 comment:

Anonymous said...

His wife is still at UVA but in a different job. See her linked in profile. Interesting career progression.