The United States Attorney’s office in Alaska has joined the Alaska Division of Banking and Securities in going after an Anchorage man accused of running a Ponzi-style scam.
According to an information — which is similar to an indictment in white-collar cases — Garrett Elder, the owner of Tycoon Trading, The Daily Bread Fund, LLC and other related entities committed wire fraud that resulted in over 130 investors losing approximately $25 million.
The federal charges filed on Monday allege that Elder’s companies took in more than $30 million from investors and that Elder lost the vast majority of the money through bad investments. But he allegedly falsified statements for his investors and claimed large profits. That led to increased investments and new customers. Banking officials told Alaska’s News Source this type of scheme is known as an “affinity scam” and involves friends and associates who encourage other friends to invest.
Elder continued to lure new investors all the way up until 2022. The information alleges that Elder sent fraudulent statements to investors the entire time indicating their investments were profitable. He also allegedly used some of the investment money to buy himself real estate, a boat, vehicles, a camper, bicycles and jewelry.
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