Man charged in $10 million NASCAR Ponzi scam

LOS ANGELES Eliott Jay Dresher, 63, of Chatsworth entered a not-guilty plea in U.S. District Court in Los Angeles.

Investigators say it was basically a Ponzi scheme.

They say he took money from investors, friends and family members.

The victims thought they were financing a wholesale business that distributed NASCAR merchandise.

Investigators say Dresher ran the operation for 10 years.

They say there were no true profits.

Early investors were paid with money from later victims.

The indictment also alleges four counts of mail fraud and one count of wire fraud.

The scheme collapsed last year when he was unable to make payments to investors. The indictment says there were approximately 50 victims.

Dresher was ordered held without bail pending trial, which is set for Jan. 26, 2010.

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