Garrett Elder, who ran a Ponzi scheme in Alaska and scammed millions of dollars from overly trusting Alaskan investors, was sentenced on Monday to 10 years in federal prison — more than the 87 months federal prosecutors had asked for, and less than his own attorney had asked for.
Elder had pleaded guilty to the charges in May.
As many as 177 victims came forward to say they were scammed by Elder and his Tycoon Trading, LLC and Daily Bread Fund, LLC, which were not licensed to trade securities.
The State Division of Banking and Securities, upon discovery of the nefarious investment scheme, ordered Elder to cease and desist selling securities. Early on, the estimate was that less than $2 million had been scammed, but that was later found to be low. Elder convinced investors to give him $30 million, and he lost $26 million, while living a lavish lifestyle with fancy cars and expensive vacations.
But Federal Judge Joshua Kindred noted in his sentencing comments that Elder “preyed on people closest” to him.
He was as trustworthy with their money as a Democrat is with your tax money.
I only question this…here is a young guy with some brilliant scheme to make money fast and he calls it Tycoom Trading, LLC no less. Who would give this guy millions? I’m not a savvy investor by any means but I wouldn’t have given him a dime.
I definitely would be very suspicious of this guys spiel 🙄🙄🙄
If it sounds too good to be true? It usually is! Follow your gut or ask the important question… “Is this Amway?”😂
The sentence was appropriate but will the victims get back their money?
When he gets out of prison will he have a fortune and did he have that planned out also?
Just like McKinley Mortgage / Alaska Financial. We’re still waiting for that scheming/scamming family to get sentenced – and they were exposed back in April of 2018. This one was resolved quickly IMHO.
how should I report a similar situation in Fairbanks? a guy took alot of money from people in this town for some hollywood Adrenaline Man Production and it alllll went away! HELP ME!
Firstly, file a theft report w/ the Troopers. Not the FBX police; the troopers.
Secondly, bring a pencil and a pad of paper and ask the Troopers whom to contact next.
Thirdly, prepare yourself. If you think you’re disappointed now you’ll be surprised at how much more so you may be once the concept of justice has been fully understood. The Federal Justice system issues spankings but they don’t repair any harm that may have been done.
Contact the Alaska State Troopers and file a formal report.
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