One Orange County real estate company owner has agreed to plead guilty and another has been indicted in connection with what federal prosecutors Friday said was a Ponzi scheme revolving around a property-flipping investment plan.
Brett Reed Barber, 42, of Costa Mesa was arraigned following his arrest Thursday and is expected to be released from custody Friday, said Thom Mrozek, a spokesman for the U.S. Attorney’s Office. A trial date has been set for Dec. 21.
Louis Alfonso Zimmerle, 62, of Sacramento, has agreed in a plea deal filed Thursday to admit to a felony count of wire fraud, according to Mrozek.
The two are co-owners of Newport Beach-based BNZ Capital One LLC.
The duo also face a Securities and Exchange Commission complaint filed on Thursday.
The two raised at least $13.5 million from about 105 investors since June 2019, according to the SEC.
The two promised annual returns on their investment of 10%,…