Make us your home page
Instagram

Today’s top headlines delivered to you daily.

(View our Privacy Policy)

Pinellas man charged with running $6 million Ponzi scheme

A Pinellas man under investigation in connection with a Ponzi scheme that duped investors out of more than $6 million turned himself in to authorities Thursday, the Florida Department of Law Enforcement reported.

Authorities arrested David George Dreslin, 54, of Seminole, and held him on $920,000 bail at the Pinellas County Jail.

The investigation, headed by the FDLE and the Florida Office of Financial Regulation, led authorities to believe Dreslin lured investors to put money up for real estate projects that never materialized, authorities said.

Dreslin, who is an accountant, persuaded clients to buy shares in development projects and promised big returns in a short period of time. But Dreslin never owned all the properties he proffered, and used clients' money as personal income or to pay other investors, the FDLE said.

"Dreslin's victims were convinced to liquidate their retirement accounts and in some instances cash out the equity of their homes," FDLE Commissioner Gerald Bailey said. "For many victims, the scam resulted in the loss of their life savings."

Dreslin is charged with racketeering, conspiracy to engage in a pattern of racketeering activity, sale of an unregistered security, sale of a security by an unregistered dealer, security fraud and organized fraud.

Pinellas man charged with running $6 million Ponzi scheme 01/17/14 [Last modified: Friday, January 17, 2014 7:14pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. Video: Rays Souza on that oh-so-bad dive, and reaction from Twins fans

    Blogs

    What was Rays RF Steven Souza Jr. thinking when he made that oh-so-bad dive for a ball in the seventh inning Friday? Well, we'll let him tell you ...

  2. What was Rays RF Steven Souza Jr. thinking on that comically bad dive?

    Blogs

    What could Rays RF Steven Souza Jr. been thinking in the seventh inning Friday when he dove for a ball and came up yards short?

    Actually, he insisted after all the laughing, teasing and standing ovation from the Twins fans was done, it was a matter of self-preservation.

  3. Judge tosses life sentences for D.C. sniper Lee Boyd Malvo

    Nation

    McLEAN, Va. — A federal judge on Friday tossed out two life sentences for one of Virginia's most notorious criminals, sniper Lee Boyd Malvo, and ordered Virginia courts to hold new sentencing hearings.

    A federal judge has tossed out two life sentences for D.C. sniper shooter Lee Boyd Malvo. [Associated Press, 2004]
  4. Zbigniew Brzezinski, President Carter's national security adviser, dies

    News

    Zbigniew Brzezinski, the hawkish strategic theorist who was national security adviser to President Jimmy Carter in the tumultuous years of the Iran hostage crisis and the Soviet invasion of Afghanistan in the late 1970s, died on Friday at a hospital in Virginia. He was 89.

    Zbigniew Brzezinski, former national security adviser to President Jimmy Carter, participates in Senate Foreign Relations Committee hearing on Capitol Hill on March 5, 2009, in Washington, D.C. [Photo by Mark Wilson/Getty Images]
  5. USF eliminated by UCF in AAC baseball; Florida, FSU, Miami win

    Colleges

    CLEARWATER — Roughly 16 hours after a ninth-inning collapse against East Carolina in the American Athletic Conference's double-elimination baseball tournament, USF returned to Spectrum Field presumably set for a reboot.

    It simply got booted instead.

    ’NOLES win: Tyler Holton gets a hug from Drew Carlton after his strong eight innings help Florida State beat Louisville.