Through his companies, authorities say elder took $30 to $34 million dollars from approximately 140 investors — and he allegedly lost about $25 million of that money.
ANCHORAGE, Alaska - Garrett Elder, 30, the Anchorage man accused of defrauding people out of millions of dollars in a Ponzi-like scheme, was in federal court Friday for a change of plea hearing. Elder is expected to change his plea from not guilty to guilty in the charge of wire fraud.
Elder ran two business from a location on Old Seward Highway called Tycoon Trading, LLC and Daily Bread Fund, LLC.. Most of his victims are from Alaska. As part of the plea deal Elder signed, he agrees to forfeit 37 acres of land, a Ford F-350 pickup truck, a camping trailer, a boat, interest in multiple LLCs, and money in nine bank and brokerage accounts.
Elder’s sentencing is set for 90 days from today. The Justice Department says it will recommend a prison sentence of 87 months — or just over seven years. The maximum sentence for wire fraud is 20 years in prison.
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