TravelGal
12-31-11, 06:24 PM
Gosh, NASCAR makes the local news. If this name looks familiar, there may be a lump of coal in your New Year's stocking.
Eliott Jay Dresher, a 63-year-old Chatsworth man who allegedly raked in about $13 million from a bogus NASCAR apparel business pleaded guilty this fall to federal mail fraud, according to Thom Mrozek, a spokesman for the U.S. Attorney’s office.
Dresher was accused of stealing and falsely telling investors they were financing a NASCAR merchandising business, bilking dozens of victims in a Ponzi scheme that siphoned money from friends, family members and others.
Investigators say Dresher ran the operation for 10 years and early investors were paid with money from later victims.
The indictment also alleged four counts of mail fraud and one count of wire fraud. The scheme collapsed when he was unable to make payments to investors, according to the indictment. [ya think?]
Eliott Jay Dresher, a 63-year-old Chatsworth man who allegedly raked in about $13 million from a bogus NASCAR apparel business pleaded guilty this fall to federal mail fraud, according to Thom Mrozek, a spokesman for the U.S. Attorney’s office.
Dresher was accused of stealing and falsely telling investors they were financing a NASCAR merchandising business, bilking dozens of victims in a Ponzi scheme that siphoned money from friends, family members and others.
Investigators say Dresher ran the operation for 10 years and early investors were paid with money from later victims.
The indictment also alleged four counts of mail fraud and one count of wire fraud. The scheme collapsed when he was unable to make payments to investors, according to the indictment. [ya think?]