Man Pleads Guilty to #13 Million Ponzi Scheme

Eliott Jay Dresher, 64, a Chatsworth man who allegedly gather in about $13 million by falsely telling friends and relatives they were financing a NASCAR apparel business is set to plead guilty today to federal mail fraud charges.

Dresher was indicted on fraud charges in December 2009 in U.S. District Court in downtown Los Angeles in connection with the scheme, which operated from 1998 to October 2009.

Dresher had solicited money from 26 families, many of whom were his relatives or close friends, with promises that the money would be used to finance a business in which he purchased NASCAR apparel and sold the merchandise to "big box" retailers such as Costco and Ross Stores. He guaranteed monthly returns to all the investors.

In 2008 when his scheme was about to collapse, Dresher silenced his victims by falsely telling them that he had more than $70 million in various bank accounts but was having difficulty accessing the funds, so he had hired two attorneys to get the investors' money back from one of the banks.

The indictment states that Dresher caused his victims to invest at least $10 million with him, most of which was ultimately lost.

Dresher has been held in federal custody without bond since his arrest two years ago.

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