LOS ANGELES (CBS) — A Chatsworth man pleaded guilty Tuesday to scamming nearly $13.5 million from his friends and family members who thought they were financing a wholesale business that distributed NASCAR merchandise.

Elliot Jay Dresher, 64, was indicted on federal mail fraud charges in December 2009 in connection with the scheme, which operated from 1998 to October 2009, according to federal prosecutors.

U.S. District Judge Philip S. Gutierrez set a sentencing hearing for December 19.

According to the indictment, Dresher solicited money from 26 families, many of whom were his relatives or close friends, promising that the funds would be used to finance a business in which he purchased NASCAR apparel and sold the merchandise to retailers such as Costco and Ross.

As part of the scheme, Dresher guaranteed substantial monthly returns, typically between 20 and 25 percent every six months, federal prosecutors said.

Dresher did not really operate such a business and all of the funds paid to investors were Ponzi payments that came from the victims’ principal investments.

His scheme collapsed when he was unable to make payments to investors, prosecutors said.

Dresher faces a possible sentence of 20 years in federal prison because of his guilty plea.

Comments (9)
  1. jimmy says:

    The D.O.J use torture to help fabricate evidence.

    The Department of Justice use torture to make suspects look unstable and therefor play into hands of jurors and conjured witnesses. Humiliation, drugging, sleep deprivation, stress positions, threats of physical violence, harassing relatives, etc… are commonly used.

    Some cases have ended in suspicious suspect deaths.

  2. Dave LOL says:

    38% Europeans ( that master race) are mentally ill
    Anxiety, Depression, Alzheimers,
    Dementia, schitzo….

  3. bill Nile says:

    99.5 % of Mexicans have the brain power of toothpaste

    1. James says:

      What kind of toothpaste, Bill Nile? I think Tom’s of Maine toothpaste has a higher IQ than Colgate, and I heard Crest had a learning disability when he was in school. On the other hand, Sensodyne is very smart — but he is just too sensitive.

  4. not says:

    Yeah hill bill Nile that’s why the judge in this story is Hispanic.

  5. They should have known this would fail when they heard the words ‘NASCAR merchandise’


    How long can driving counterclockwise be lucrative?

  6. C.W..Chandler says:

    BRB…going to sell some ice to an eskimo.

  7. jonah says:

    Another zionist jew with a scheme to get money.
    Yet, the only racist comments are toward mexicans and european whites?
    The zionist tribe always tries to deflect attention off of their member’s criminals activities. This is just a small example of much bigger crimes that are being committed by the so called “chosen ones”.
    Youtube search ” ISRAEL DID 911 “

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