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Three Plead Guilty To Federal Charges From Ventura County Based Scheme Which Led To $27 Million Dollar Loss

Posted on Tuesday, July 3, 2012 4:56pm

Three people pled guilty today to charges stemming from a $41 million dollar Ponzi scheme based in Ventura County.

Prosecutors say the men used locally based companies called Unlimited Cash, Incorporated, and Douglas Network Enterprises to attract investors.

The companies claimed investors would make money through ATM’s placed in strategic locations, as well as through video monitors displaying ads.

They took in $41 million dollars during a four year period, but most of the equipment sold to investors was never placed, and the total loss is estimated at $27 million dollars.

The prosecutors say Alan Flesher of Oxnard, Wayne Flesher of Ventura, and Nancy Khalial of Oxnard each pled guilty to 17 felony fraud counts.

They could each face up to 340 years in federal prison when they’re sentenced October 1st.

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