Las Vegas Man Gets 10-Year Sentence For $1.3 Million Ponzi Scheme

A Las Vegas man was sentenced to serve ten years in prison after pleading guilty to operating a $1.3 million Ponzi scheme.  Hans Seibt, 72, received the maximum sentence from District Court Judge Kathleen Delaney after pleading guilty to a single felony theft charge.  In addition to the prison sentence, Seibt was also ordered to pay $1.3 million in restitution to victims.

Seibt purported to be a successful real estate developer, operating several businesses including HSLV Development Corporation, Clark and Nye County Development Corporation and SWN Land Corporation.  Beginning in 2007, Seibt solicited money from investors based on purported deals that were secured by parcels of land in Nye County, Nevada.  In return, investors were promised annual returns ranging from 10% to 12%.  In total, Seibt raised more than $1.3 million.

However, Seibt and several of his companies filed for bankruptcy protection in September 2008 in the middle of the real estate downturn, citing collective debts exceeding $70 million.  The Securities Division of the Nevada Secretary of State began investigating Seibt, and he was arrested in July 2011.  The bankruptcy trustee appointed to Seibt's case has been unable to recover any funds to distribute to victims.

Because Seibt was prosecuted by state authorities, he will be eligible for parole in approximately 4 years. 

After Allegedly Fleeing to Colombia and Faking Car Accident, Naval Academy Grad Charged in $1.2 Million Ponzi Scheme

After a bizarre series of events that included allegedly faking a serious car accident and assuming the identity of two female sales assistants, a New York Naval Academy graduate was indicted on charges he masterminded a Ponzi scheme that swindled friends and former classmates out of at least $1.2 million.  Bryan Caisse, 50, was charged by New York criminal authorities on four counts of Grand Larceny in the Second Degree, six counts of Grand Larceny in the Third Degree, and one count of Scheme to Defraud in the First Degree.  Caisse, who fled to Colombia back in October 2013 after authorities executed a search warrant on his apartment, was arrested in Bogota this past weekend and returned to the United States.  

According to authorities, Caisse began soliciting family and former classmates in April 2008, telling them he was starting a hedge fund, Huxley Capital Management, and was seeking so-called working capital loans to cover short-term expenses until larger investors filled that void.  These were short-term loans ranging from one to two years, and promised annual rates of return of 8%.  Investors were drawn to Caisse as a result of his history as a former bond salesman and trader with now-defunct Bear Stearns.  In total, Caisse raised approximately $1.2 million from at least 20 family members and former classmates.  

However, Caisse's promises of forthcoming deep-pocketed investors soon fell through.  After the New York District Attorney’s Major Economic Crimes unit conducted an investigation, authorities alleged that instead of using the money to pay hedge fund expenses, Caisse spent investor funds on a variety of personal expenses that included rent, car services, tuition for his daughter's private school, and even $10,000 on a dating service.  

Investors that attempted to recoup their investment from Caisse encountered a variety of setbacks in their quest.  This included:

• Claims that Caisse's bank, HSBC, could not wire funds except to another HSBC account;
• Communications with Caisse's assistant, Kristy Smith, who would not speak on the phone because of her poor English;
• Communications with another assistant, Christine Woo, who also refused to speak on the phone and eventually stopped communicating;
• Representations to investors that Caisse had been in a horrific car accident that caused him brain damage and a broken hip; and
• Numerous checks being lost in the mail.

A New York judge set Caisse's bail at $3 million.

For an extremely in-depth look into Caisse's story, see the Southern Investigative Reporting Foundation's article here.

California Art Dealers Charged With $3.4 Million Ponzi Scheme

Two California antique art dealers were arrested and charged with operating a Ponzi scheme that took in more than $3 million from investors.  Anthony Barreiro, 64, and Ernest Ray Parker, aka Ray Parker Gaylord, 50, were each charged with 12 counts of conspiracy, mail fraud and wire fraud.  As each of the charges carries a maximum twenty-year prison, the pair potentially faces hundreds of years in prison.  

Barreiro and Parker operated Charles Gaylord & Co. ("Charles Gaylord"), an antique business, and ARTLoan Financial Inc. ("ARTLoan").  The pair allegedly solicited investments for ARTLoan, telling potential investors that their funds would be used to provide lending capital to borrowers seeking to finance expensive artwork.  Investors were promised regular interest payments over the life of their loan, and were assured that ARTLoan would maintain possession of the encumbered artwork as collateral.  In the event of default, ARTLoan would purportedly have the right to forfeit the artwork for the benefit of investors.  In total, the pair raised more than $3 million from investors.

However, according to authorities, these representations were false, and ARTLoan did not use investor funds to finance the purchase of artwork nor did the company secure artwork as collateral in connection with the alleged loans.  Instead, the pair is accused of operating a Ponzi scheme by using investor funds to make the purported interest payments, thus giving off the appearance of a successful venture.  During the duration of the scheme, nearly $2 million in Ponzi payments were made to investors.  

Both Barreiro and Parker posted bond and are scheduled to next appear on February 11, 2014.  

Florida Accountant Arrested in Suspected $6 Million Ponzi Scheme

Florida authorities arrested a Pinellas county man suspected of masterminding a $6 million real estate development Ponzi scheme.  David George Dreslin, 54, was arrested yesterday by the Florida Department of Law Enforcement on charges of racketeering, conspiracy to engage in a pattern of racketeering activity, three counts of sale of an unregistered security, three counts of sale of a security by an unregistered dealer, securities fraud and organized fraud.  Dreslin turned himself in to authorities and is currently being held on a $920,000 bond.

Dreslin was the principal of Dreslin Financial Services, where he acted as a certified public accountant and business advisor.  According to authorities, Dreslin began soliciting investors for various real estate projects in which he promised substantial returns in a short period of time.  Investors were assured that their investment would be a safe and secure investment, and some investors entrusted Dreslin with retirement funds.  In return, investors were provided with periodic account statements depicting their account performance.  

However, authorities allege that Dreslin's venture was nothing more than a Ponzi scheme that depended on the continuing flow of new investor funds to pay distributions to existing investors.  Officials from FDLE discovered that Dreslin did now have ownership over all of the real estate he pitched to clients, and also diverted their investments to himself or for other unauthorized purposes.  In total, authorities believe at least $6 million of investor funds were lost.

According to the press release distributed by FDLE, additional arrests are expected.  

Those seeking further information may contact:

Gretl Plessinger, Samantha Andrews or Steve Arthur

FDLE Office of Public Information

(850) 410-7001