Calif. Man Cops To $14M Nascar Merchandise Sales Con

Law360, New York (September 7, 2011, 7:26 PM EDT) -- A California man admitted Tuesday to bilking friends, family and others out of more than $13.5 million through a Ponzi scheme by convincing them to invest in a phony Nascar apparel business.

Eliott Jay Dresher, 64, of Chatsworth, Calif., entered a guilty plea before U.S. District Judge Philip S. Gutierrez and acknowledged conning dozens of investors over the course of a decade with his auto racing merchandise yarn.

"Dresher lulled his investors into believing their money was being legitimately invested in his fictitious Nascar apparel business...
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