A Costa Mesa man, Brett Barber, has been sentenced to 181 months in federal prison for orchestrating fraudulent investment schemes that amassed over $17 million. These schemes falsely promised investors returns of up to 10% through real estate deals that were not legitimate. United States District Judge Otis D. Wright II handed down the sentence and scheduled a restitution hearing for January 9, 2025.
During the sentencing, Judge Wright remarked, “There may not have been bloodshed, but this was real violence. [The defendant] knew these people were in their golden years, and he just took it all.” Barber had previously pleaded guilty in October 2023 to two counts of wire fraud and one count of criminal contempt.
United States Attorney Martin Estrada commented on the case saying, “This defendant enriched himself through a fraudulent investment scheme that solicited millions of dollars from retirement funds belonging to his victims, including older adults. My office is committed to protecting vulnerable communities from fraud and other harms. Today’s sentence sends a message to victims that we are here to fight for them and hold con artists and other fraudsters accountable for their actions.”
Barber's fraudulent activities spanned from May 2019 to October 2021 and involved two separate schemes. The first scheme was operated under BNZ Capital where Barber alongside co-conspirator Louis Zimmerle and others falsely assured investors of safe returns from supposed real estate projects. Instead of investing in development or flipping properties as claimed, funds were used for personal gain by those involved.
Following scrutiny by federal officials into BNZ Capital's operations, Barber initiated a second fraudulent venture with National American Capital (NAC) starting January 2021. This scheme also misled investors about non-existent real estate projects while using new investor money to repay earlier ones.
Investigators determined at least $7 million in losses resulted from these activities with approximately $2,933,970 being personally retained by Barber from BNZ Capital alone. At least five elderly individuals were identified as victims suffering significant financial hardship due to these scams.
Barber's history included being barred by FINRA from associating with broker-dealers—information undisclosed during his solicitations.
After indictment in October 2021 followed by release on bond conditions which he violated by failing to surrender himself when ordered in January 2023; Barber was eventually arrested March same year within Santa Cruz County before being placed under federal custody again.
Co-conspirator Zimmerle had admitted guilt earlier receiving probation along with financial penalties inclusive fines totaling $10k plus mandated restitution nearing nearly seven hundred thousand dollars amounting close half-million specifically linked wire fraud involvement June prior year without incarceration unlike accomplice counterparts sentenced today considerably harsher terms respective roles exposed throughout ongoing investigations spearheaded collaboratively between FBI & SEC civilly charging parties responsible defrauding multiple retail investors exceeding hundred count pending further legal proceedings unresolved currently awaiting future outcomes determination yet unknown finalized disposition date anticipated near horizon soon forthcoming developments reveal conclusion matter once resolved satisfactorily according judicial processes governing standards applicable jurisdiction relevant authorities oversee ensure compliance adherence laws regulations enacted enforceably 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