Prosecutor: Convicted developer hoarded cash

RICHMOND, Va. (AP) — A former developer was sentenced to 20 years in prison Tuesday for fraudulently obtaining tax credits and then plotting to flee the country while he was supposed to be liquidating assets to raise money to repay his victims.

Billy Gene Jefferson was awaiting sentencing for the $12 million tax credit scheme when he engaged in a “breathtaking campaign” of obstruction, prosecutor Michael Gill said. The scheme included hoarding cash — perhaps by stashing it in a homemade vault — and using a fake ID to charter a one-way flight to England that he ultimately backed out of, Gill said.