June 1, 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

Defensible Space, Defined: How A Plus Tree Protects Communities from Wildfire

May 30, 2025

May 30, 2025

In the wildfire-prone landscapes of the Western United States, safeguarding homes and communities requires proactive measures. A Plus Tree, a...

WeHo Pride Weekend Begins and 2025 Icons Announced: Parades, Concerts, and Community Celebration Kicks Off

May 30, 2025

May 30, 2025

Three-Day LGBTQ+ Festival Features Performances by Lizzo, Maren Morris, and Kim Petras West Hollywood is preparing to kick off its...

Palisades Village to Reopen in 2026 with Revamped Retail, Dining, and Community Spaces

May 29, 2025

May 29, 2025

Elysewalker Set to Return With Park Reconstruction, Holiday Events, and Streetscape Upgrades Palisades Village, the open-air shopping and lifestyle destination...

Bel Air Seventh Grader Reaches Finals of Scripps National Spelling Bee

May 29, 2025

May 29, 2025

Oliver Halkett of Mirman School Competed on Thursday for a $50,000 prize Thirteen-year-old Oliver Halkett, a seventh grader from Mirman...

(Video) Signs That Your Aging Loved Ones Are in Need of Caregiving

May 29, 2025

May 29, 2025

To Find Out More, Go To Safelyhomeagain.com To Find Out More, Go To https://t.co/ZCPyKHj5aq pic.twitter.com/cDTEPjfA6s — Westside Today (@WestsideLAToday) May...

Two Men Charged in Culver City Kidnapping and Robbery After Victim Forced to Withdraw Cash

May 29, 2025

May 29, 2025

Suspects Allegedly Abducted Man at Gunpoint, Drove Him to Multiple Banks  Two men have been arrested and formally charged in...

Salt & Straw Unveils Summer Pie Series with Five Seasonal Ice Cream Flavors

May 29, 2025

May 29, 2025

Five New Flavors Inspired by Classic Summer Pies Will Be Introduced Salt & Straw is giving summer a scoopable twist...

(Video) Interviews with Rick Caruso and Elyse Walker, with a Dennis Quaid cameo

May 28, 2025

May 28, 2025

We spoke at the Press Conference to announce plans to reopen Palisades Village Shopping Mall. Actor Dennis Quaid arrives to...

Levain Bakery Debuts ‘Levain à la Mode’ with Local Ice Cream Partners for Summer

May 28, 2025

May 28, 2025

Seasonal Offering With Wanderlust Creamery is a First in Cookie Shop’s History For the first time in its three-decade history,...

Beverly Glen Sixth Grader Advances to Finals of National Student Cook-Off

May 28, 2025

May 28, 2025

Twelve-Year-Old Heads to Virginia to Compete in K12 Culinary Competition Abijah Levy Minor, a 12-year-old student from Beverly Glen, has...

Sarah Paulson to Host Charity Bingo Night for Pasadena Humane Society on June 5

May 28, 2025

May 28, 2025

Evening of Food, Wine, and Live Music to Raise Funds for Animal Rescue Efforts Emmy-winning actress Sarah Paulson will host...

Bay Cities Italian Deli Responds to Health Code Closure, Commits to Corrective Action

May 28, 2025

May 28, 2025

Santa Monica Landmark Disputes Rodent Claims but Acknowledges Violations Bay Cities Italian Deli, a Santa Monica staple renowned for its...

Film Review: Bring Her Back

May 28, 2025

May 28, 2025

By Dolores Quintana Grief is the price of love.  Danny Philippou and Michael Philippou’s second feature film, Bring Her Back,...

County Assessor Stresses Need For Fire-Affected Households to Update Addresses to Receive Relief Checks

May 28, 2025

May 28, 2025

Assessor’s Office Offers Automatic Tax Relief for Fire-Affected Homeowners Following the destruction caused by wildfires earlier this year, the Los...

Caltrans Schedules Public Meeting for $143.7 Million I-405 Rehabilitation Project

May 28, 2025

May 28, 2025

Virtual Forum Set to Brief Residents on Upcoming Construction The California Department of Transportation (Caltrans) will hold a virtual public...