Anchorage Con Man Bleeds Investors of $25 Million

Garrett Elder, an Anchorage resident, is facing federal charges after allegedly masterminding a wire fraud scheme that drained approximately $25 million from over 130 victims. The feds say Elder, operating through companies like Tycoon Trading LLC and The Daily Bread Fund LLC, built a house of cards on lies and fabricated returns, leaving a trail of ruined finances in his wake.

The scam spanned from early 2016 until October 2022. Elder initially pitched investments to friends and family, even taking $10,000-$20,000 from his parents. He promptly lost it all, but crucially, kept the losses secret. This pattern of concealing failures and fabricating success became the hallmark of his operation. He then expanded his reach, soliciting funds from a wider network of investors, promising the kind of returns a legitimate trader couldn’t guarantee.

Between 2016 and March 2018, Elder raked in roughly $500,000 through Tycoon Trading. But instead of building wealth for his investors, he was burning through their money. The feds allege Elder consistently lost money on trades, yet he continued to send out quarterly reports showing phantom profits. These were pure fiction, designed to keep the cash flowing in and cover his tracks. He wasn’t just a bad trader; he was actively deceiving those who trusted him.

In 2019, Elder doubled down on the deception, creating The Daily Bread Fund LLC. This wasn’t a legitimate business venture – it was a new vehicle for soliciting more investments. The creation of a new entity allowed him to reset the narrative, attract fresh victims, and continue the illusion of a thriving investment portfolio. He essentially played a Ponzi-like game, using money from new investors to temporarily satisfy older ones, while secretly pocketing a portion for personal expenses.

Federal prosecutors say Elder’s total take from the scheme reached between $30 and $34 million. The actual losses suffered by victims total around $25 million. The feds are now seeking a maximum sentence of 20 years in prison and a $250,000 fine if Elder is convicted. That won’t bring back the lost money, but it’s the closest thing to accountability the victims may see.

The FBI is urging anyone who believes they were a victim of Elder’s scheme to come forward. This case serves as a stark reminder: if an investment seems too good to be true, it almost certainly is. The feds warn investors to thoroughly vet any financial advisor and be wary of promises of guaranteed high returns. This isn’t just a story about a greedy con man; it’s a lesson in protecting yourself from financial predators.