June 23, 2025 The Best Source of News, Culture, Lifestyle for Culver City, Mar Vista, Del Rey, Palms and West Los Angeles

Laguna Niguel Man Accused of Swindling $1.6M From Investors, Including Residents of Playa Del Rey Senior Living Center

Federal lawsuit alleges John David Gessin used false pretenses to fund lavish expenses

By Sam Catanzaro

A Laguna Niguel man is accused of defrauding five investors, including a 92-year-old resident of Playa del Rey assisted-living center and her friends, out of $1.6 million, according to a lawsuit filed by the U.S. Securities and Exchange Commission. 

The lawsuit alleges that John David Gessin allegedly presented himself as a successful entrepreneur and raised more than $1.2 million from the 92-year-old and $429,000 combined from the others 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. However, the SEC complaint alleges that Gessin used the funds to pay his mortgage and fund lavish expenses, including the purchase of automobiles, hotel stays, restaurant meals, and gifts for friends and family members.

Gessin allegedly used the alias “John David” to hide his real identity and his checkered past, which includes a criminal record and several bankruptcies. He 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, in 2010. He also has multiple default judgments against him for failure to repay loans and promissory notes, according to the lawsuit.

The SEC alleges that Gessin falsely told investors their funds would be used solely for business purposes and “not a dime” would be used for his personal benefit. However, he allegedly used Equifunds and Ice Fleet to pay his mortgage and fund personal expenses.

The retired nurse, who recently died, learned of investment opportunities with Gessin from other investors who lived in her Playa del Rey condominium community. Gessin took her to a refueling depot in Baldwin Park and falsely claimed that he had a contract with Pemex, the large petroleum company owned by the Mexican government, according to the lawsuit.

According to the SEC, the woman invested $200,000 in Equifunds in exchange for monthly interest payments at 24%. From December 2018 to January 2020, she made nine additional investments in Equifunds, each ranging from $100,000 to $200,000. Gessin allegedly made monthly interest payments to investors through early 2020 but then abruptly stopped in March of that year, prosecutors say. 

The lawsuit alleges that Gessin claimed that operations at his fueling depot in Baldwin Park had been disrupted by the COVID-19 pandemic and payments would resume in a few months, according to the suit. However, the investors learned that the depot had been operating normally during the pandemic and that Gessin had no ownership interest in the facility. After the investors confronted him about his misrepresentations, Gessin cut off all contact with them and stopped replying to their messages and phone calls.

The SEC is requesting a court order requiring Gessin to pay undisclosed civil penalties. None of the investors were identified by the SEC.

in Crime, News
Related Posts

LA City Councilwomen Yaroslavsky and Jurado Call for Legal Action Against Federal Immigration Raids

June 21, 2025

June 21, 2025

City Motion Targets Alleged Unconstitutional Tactics, End Qualified Immunity for Fed Officers  City Councilmembers Katy Yaroslavsky and Ysabel Jurado introduced...

Weekend Lane Closures on PCH in Malibu Could Snarl Summer Beach Traffic

June 21, 2025

June 21, 2025

Army Corps Work Triggers Weekend Closure on Pacific Coast Highway Motorists traveling along Pacific Coast Highway this weekend should prepare...

All Aboard to LAX: Metro Opens Game-Changing Transit Hub Ahead of Global Events

June 20, 2025

June 20, 2025

 New LAX/Metro Transit Center Comes Closer to Connecting Metro Directly to LAX The Los Angeles County Metropolitan Transportation Authority (Metro)...

Princess Diana’s Largest Wardrobe Auction Set for Beverly Hills

June 20, 2025

June 20, 2025

Over 200 Royal Garments to Hit the Auction Block for Charity More than 200 garments and royal artifacts, including the...

Queer Beauty Through the Ages: Getty Hosts Lecture on Greek Art’s Influence on LGBTQ Aesthetics

June 20, 2025

June 20, 2025

Art Historian to Trace Homoerotic Imagery From Ancient Greece to Modern Queer Identity As part of its ongoing Pride Month...

Food Fight on the Venice Boardwalk: Chefs Stand Up for Immigrants with Food

June 20, 2025

June 20, 2025

Turk’s Pizza Party Rallies Top Local Eateries for an Immigrant Rights Fundraiser In a bold display of culinary activism, Turk’s...

Navy Vietnam Vet Finally Gets His UCLA Commencement Moment

June 20, 2025

June 20, 2025

John Fong, 80, Missed His Graduation in 1968 While in Vietnam  Nearly six decades after completing his studies, U.S. Navy...

Culver City Launches Solidarity Campaign Alongside Hate Crimes Report Presentation

June 20, 2025

June 20, 2025

Join City Leaders on June 24 for a Community Presentation on Rising Hate Incidents Local officials and residents are invited...

Films, Flair, and Panoramas: Free Cultural Events Light Up The Ebell This Week

June 20, 2025

June 20, 2025

The Ebell Theatre Hosts a Double Feature of Films, Plus a Coffee Talk A pair of free public events this...

Culver City Police Nab Two Suspects in Canterbury Drive Burglary Case

June 19, 2025

June 19, 2025

Community Tip and Set Investigation Lead to Arrest of Repeat Offenders Culver City police have arrested two suspects in connection...

9th Circuit Court Backs Trump in Battle Over California National Guard Control

June 19, 2025

June 19, 2025

Federal Judges Allow Trump to Retain Command of Troops in Los Angeles Federal judges on Thursday cleared the way for...

Nightly I-405 Lane Closures Begin June 23 for Sepulveda Pass Rehab

June 19, 2025

June 19, 2025

Caltrans Will Shut Down Select Lanes Nightly Through June 28 The California Department of Transportation (Caltrans) has announced overnight lane...

(Video) Where great minds grow at The Willows Community School

June 19, 2025

June 19, 2025

The Willows, a DK-8 co-educational school, enrolls 474 students from 57+ zip codes annually. As a balanced, progressive educational leader, experiential learning,...

(Video) The Guest List Collab Dinner with Chef Raphael Lunetta and Chef Alan Wong

June 19, 2025

June 19, 2025

Held at Marelle Restaurant at The Sandbourne Hotel in Santa Monica. An Incredible mix of Hawaiian and Santa Monica’s flavors...

Summer Pop-Ups Serve Crullers, Challah Donuts, Croissants, Coffee and Musical Vibes

June 19, 2025

June 19, 2025

Nyletta Nyletta, Challah Dad, Des Croissants Paris Bring Pastry Delights to Culver City A pair of sweet summer pop-ups are...