California Man Sentenced to 15 Years for $22.5 Million Investor Fraud Scheme
In Urbana, Illinois, a California man, Brett Michael Bartlett, age 37, has been sentenced to 188 months in federal prison for running a $22.5 million investment fraud scheme. Over 1,000 investors nationwide fell victim to Bartlett’s deceit, with more than 50 individuals from Central Illinois affected by his schemes.
Operating under the guise of Dynasty Toys and 7M E-group, Bartlett pled guilty to wire fraud, mail fraud, securities fraud, and money laundering. He enticed investors with promises of returns as high as 40%, falsely claiming that his companies were thriving. Prosecutors revealed that Bartlett fabricated company assets, including non-existent gold holdings, and diverted investors’ funds for personal use, including luxury getaways.
From 2016 to 2023, Bartlett hoodwinked investors by inflating the value of company shares and misleading them about potential buyout opportunities, persuading many to invest their life savings. Tragically, numerous victims faced substantial financial losses, with some losing all their retirement savings. In May 2020, Bartlett distributed millions of dollars in checks to Central Illinois investors, only for the checks to bounce. Despite this setback, he continued funneling money into his personal accounts.
During sentencing, U.S. District Judge Colin S. Bruce highlighted the complexity of Bartlett’s fraudulent operation, emphasizing his offer to convert shares into bogus “gold contracts.” In addition to the prison term, Bartlett was ordered to pay $22.5 million in restitution to victims and placed under a three-year supervised release post-sentence. Furthermore, a property linked to Bartlett’s businesses in Tennessee was seized as part of the sentencing.
FBI Springfield Special Agent in Charge Christopher Johnson denounced Bartlett’s actions, lamenting the irreversible financial damage inflicted on victims due to his greed. FDIC Special Agent Vincent R. Zehme echoed these sentiments, underlining the severity of Bartlett’s betrayal and the impact on trusting investors.
Prosecutors described Bartlett’s scheme as “reprehensible,” preying on investors with false assurances and appeals to faith. It’s a stark reminder of the importance of due diligence and caution when considering investment opportunities.
