Orange County Real Estate Company Owner Pleads Guilty in Million-Dollar House Flipping Scheme – NBC Los Angeles

 Orange County Real Estate Company Owner Pleads Guilty in Million-Dollar House Flipping Scheme – NBC Los Angeles

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%,…

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