An Ethel businessman accused in a $3.5 million investor fraud scheme allegedly spent some of their money at fine dining restaurants, casinos, Victoria's Secret, Disney and LSU athletic events, federal prosecutors said Monday.
Bryan Lee Addington, 55, was indicted on five counts of mail fraud and one count of aggravated identity theft, U.S. Attorney Walt Green reported in announcing the unsealing of a federal grand jury indictment.
Addington, who allegedly hid from his victims that he had been permanently barred from acting as a broker or associating with firms that sell securities to the public, schemed to defraud numerous investors from January 2010 through at least April of this year, the grand jury alleged.
Addington is accused of falsely representing to his victims that their money would be invested in real estate and land, insurance products and stock, and would be used to purchase insurance policies. He allegedly represented that the investments were safe and would yield good returns, and that they would in some cases bring guaranteed returns.
The grand jury charged that Addington diverted a substantial portion of the funds to his own personal use and the use of others, and to make payments to other victim investors. He spent some of the money at restaurants such as Ruth's Chris Steak House and Galatoire's Bistro, the indictment alleges.