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