63-Year-Old Calif. Man Charged With Using NASCAR Scam to Bilk Investors out of $10 Million
By Allan Lengel ticklethewire.com
NASCAR is often associated with the roar of the crowd and the smell of burning rubber. In Los Angeles, it may be associated with the roar of angry investors and the smell of a scandalous investment.
Federal authorities in Los Angeles charged Eliott Jay Dresher, 63, of Chatsworth, Calif., with allegedly taking at least $10 million from about 50 investors, including family and friends, to finance a wholesale business to distribute NASCAR merchandise to big box stores like Costco.
In return, investors were to get returns of 20 to 25 percent every six months, according to the U.S. Attorney’s Office.
Turns out, authorities said, there was no such business, and investor were paid money from what turned out to be a Ponzi scheme.
Authorities say the Ponzi scheme collapsed last year, as did many, when he was unable to make payments to investors.
The U.S. Attorney’s Office said a federal magistrate judge on Monday determined he was a flight risk and ordered him detained pending his Jan. 26 trial.
OTHER STORIES OF INTEREST
- NJ U.S. Attorney Paul Fishman Sworn In (Newark Star-Ledger)
- 2 Georgia Men Sentenced in Terrorist Case (Atlanta Journal-Constitution)
- Feds Say Chicago Man Knew of Mumbai Attack in Advance (AP)
- Ex-Marine Indicted in Slaying of 5 Women (AP)
- DNA Clears Man Jailed for 25 Years for Rape and Murder (Washington Examiner)
- Fired U.S. Atty. Representing Arizona Sheriff “Joe” (Main Justice)
- Millions of Missing Emails from Bush White House to be Restored (Huffington Post)
- Depart. Of Justice to Expand Medicare Fraud Strike Force in Brooklyn, Baton Rouge and Tampa (Justice Dept. Press Release)
Posted: 12/14/09 at 11:41 PM under News Story.
Write a comment
You need to login to post comments!
Pingback from Tweets that mention 63-Year-Old Calif. Man Charged With Using NASCAR Scam to Bilk Investors out of $10 Million | Tickle The Wire — Topsy.com
Time December 15, 2009 at 1:43 am
[…] This post was mentioned on Twitter by Don Wilson, Christina. Christina said: 63-Year-Old Calif. Man Charged With Using NASCAR Scam to Bilk …: Tickle The Wire – Tapping Into The Latest Ne.. http://bit.ly/6bDQl5 […]
Pingback from 63-Year-Old Calif. Man Charged With Using NASCAR Scam to Bilk … VX China
Time December 15, 2009 at 4:32 am
[…] here to see the original: 63-Year-Old Calif. Man Charged With Using NASCAR Scam to Bilk … By admin | category: nascar | tags: charlotte, federal, hastily-called, latest, […]
Pingback from 63-Year-Old Calif. Man Charged With Using NASCAR Scam to Bilk … | Nascar Clothing
Time December 15, 2009 at 4:39 am
[…] the rest here: 63-Year-Old Calif. Man Charged With Using NASCAR Scam to Bilk … Share and […]
Trackback from uberVU – social comments
Time December 15, 2009 at 11:26 am
Social comments and analytics for this post…
This post was mentioned on Twitter by shortylegz21: 63-Year-Old Calif. Man Charged With Using NASCAR Scam to Bilk …: Tickle The Wire – Tapping Into The Latest Ne.. http://bit.ly/6bDQl5…
Write a comment
You need to login to post comments!
Pingback from Grand PRIX
Time December 15, 2009 at 1:17 am
[…] the original post: 63-Year-Old Calif. Man Charged With Using NASCAR Scam to Bilk … Share and […]