A Laguna Niguel man allegedly swindled $1.6 million from five investors — including a 92-year-old resident of an assisted-living center who turned over nearly all of her life savings — to pay his mortgage and fund lavish expenses, according to a federal lawsuit filed this week.
The U.S. Securities and Exchange Commission complaint alleges John David Gessin presented himself as a successful entrepreneur while hiding his real identity to disguise his checkered past, which includes a criminal record and several bankruptcies.
In 2010, Gessin was found liable for defrauding a high school teacher he met on Match.com out of her life savings, which he lost day-trading in the stock market, and also has multiple default judgments against him for failure to repay loans and promissory notes, the lawsuit states.
Gessin could not be reached for comment.
Using the alias “John David,” Gessin allegedly raised more than $1.2 million from the 92-year-old and $429,000 combined from the others — all inexperienced investors — on behalf of his companies, Equifunds and Ice Fleet, between March 2017 and January 2020. Gessin purported that the companies were involved in commercial fueling and renewable energy operations.
Four of the investors — the 92-year-old retired nurse, a digital artist and her military veteran spouse, and a real estate agent — were residents of Playa del Rey. The fifth victim was a 71-year-old former government employee from Culver City. None of the investors was identified by the SEC.
Gessin falsely told investors their funds would be used solely for business purposes, and that “not a dime” would be used for his personal benefit, the lawsuit states.
However, Gessin plundered Equifunds and Ice Fleet to pay the mortgage on a home in a gated community and purchase automobiles, hotel stays, restaurant meals, and gifts for friends and family members, according to the SEC.
The retired nurse, who recently died, learned of investment opportunities…
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