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NASCAR Merchandise Investment May Have Been $13.5 Million Ponzi Scheme

Posted on Sep 19, 2011

Friends and relatives of 64-year-old Eliott Drescher claim that they have been the victims of a $13.5 million Ponzi scheme, and Mr. Drescher has pleaded guilty to one count of mail fraud in the criminal case pending against him.

According to prosecutors, Mr. Drescher told investors that he was investing in a wholesale business that would distribute NASCAR merchandise to warehouse stores such as Costco. He allegedly guaranteed returns of 20 - 25% every six months.

Prosecutors allege that the wholesale business was a lie and that Mr. Drescher instead used money from newer investors to pay prior investors. The supposed scheme went on for more than a decade before it was stopped.

Mr. Drescher is expected to be sentenced in December, and he faces up to 20 years in prison.

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