Anchorage Man Charged with $25 Million Dollar Wire Fraud Scheme

Anchorage Man Charged with $25 Million Dollar Wire Fraud Scheme. Learn about the shocking investment scheme and the legal consequences the defendant now faces.

The article titled “Anchorage Man Charged with $25 Million Dollar Wire Fraud Scheme” reveals the shocking details of a fraudulent investment scheme orchestrated by Garrett Elder, the owner of Tycoon Trading LLC and The Daily Bread Fund LLC. Over the course of several years, Elder deceived approximately 130 victims into investing a total of $30 to $34 million, resulting in losses of approximately $25 million. Elder falsely presented himself as a successful trader, using fabricated performance reports to give the illusion of positive returns. He also used some of the victims’ funds for personal expenses, exacerbating their financial losses. If convicted, Elder faces a maximum penalty of 20 years in prison and a $250,000 fine. Victims of Elder’s scheme are urged to contact the FBI for further assistance.


In recent years, there has been an alarming rise in investment schemes and frauds that have left countless individuals devastated and financially ruined. One such case involves Garrett Elder, an Anchorage man who has been charged with approximately $25 million dollars in wire fraud, affecting over 130 victims. The details of this case shed light on the extent of the deception and the devastating consequences for those involved. This article aims to provide a comprehensive overview of the investment scheme perpetrated by the defendant, highlighting the timeline of events, the actions and deceptions of the defendant, the creation of The Daily Bread Fund, and the legal consequences that the defendant now faces.

Background Information

Identity of the Defendant

The defendant in this case is Garrett Elder, an Anchorage man who is accused of masterminding an investment scheme that has resulted in significant financial losses for numerous individuals. As the owner of Tycoon Trading LLC and The Daily Bread Fund LLC, among other entities, Elder managed to raise between $30 and $34 million from approximately 130 victims over a period spanning from 2016 to October 2022.

Entities Involved

The primary entities involved in this investment scheme are Tycoon Trading LLC and The Daily Bread Fund LLC. Tycoon Trading, created by the defendant, served as the initial vehicle through which funds were solicited from investors. The Daily Bread Fund, established in 2019, continued to serve as a means for Elder to solicit new investors and maintain the illusion of success.

Timeframe of the Scheme

The investment scheme orchestrated by Garrett Elder unfolded over several years, starting around early 2016 and lasting until October 2022. During this time, Elder executed a series of deceptive actions and misrepresentations that allowed him to continue soliciting funds from investors, all while incurring significant losses and misusing the investor funds for personal expenditures.

Investment Scheme Details

Defendant’s Strategy

Garrett Elder’s investment scheme primarily relied on dishonesty and deception. Initially, Elder leveraged personal relationships to obtain funds for investment, receiving between $10,000 and $20,000 from his parents, which he deposited into Tycoon Trading. However, he lost all of those funds and chose not to disclose these losses to his family and friends who expressed interest in investing.

Initial Investments and Losses

Between 2016 and March 2018, Elder managed to convince investors to transfer approximately $500,000 to Tycoon Trading. However, these investments were met with losses as Elder’s trading activities continued to result in financial setbacks. Despite the mounting losses, Elder created false quarterly performance reports to deceive investors into believing that their investments were earning positive returns.

Deceptive Reports

One of the key tactics employed by Elder during the investment scheme was the creation of false reports that portrayed his trading activities as successful. These reports were sent to the victim investors, further perpetuating the false impression of prosperity and encouraging continued investment.

Creation of The Daily Bread Fund

In 2019, Elder established The Daily Bread Fund LLC as a new entity to continue soliciting new investors for his investment scheme. This entity served as a means to attract new funds and sustain the illusion of financial success, despite the mounting losses that Elder was incurring.

Continued Solicitation of Investors

Despite suffering significant losses and failing to deliver on promised returns, Elder persisted in soliciting new investors. By the end of 2018, he had successfully attracted around 30 new investors who were investing larger sums of money than the initial group. This continued solicitation of investors allowed Elder to prolong the scheme and further exacerbate the losses sustained by the victims.

Timeline of Events

The investment scheme orchestrated by Garrett Elder unfolded over several years, encompassing various stages of solicitation, losses, and deceptive actions. The following is a timeline of the significant events throughout the course of the scheme:

  • Early 2016: Elder’s parents provide him with funds to invest in stocks and foreign currencies, which he deposits into Tycoon Trading.
  • 2016 – March 2018: Investors transfer approximately $500,000 to Tycoon Trading based on false reports of positive returns.
  • March 2018: Elder discloses to investors that their investments have failed but fails to disclose the falsified reports he had sent.
  • 2019: Elder creates The Daily Bread Fund LLC to continue soliciting new investors and maintain the illusion of success.
  • 2019 – 2022: Elder solicits significant new investments while continuing to incur losses. False reports indicating positive returns are created and emailed to investors.
  • October 2022: Despite some distributions back to certain investors, the majority of investments have been lost, resulting in approximately $25 million in losses to victims.

Victims and Losses

Number of Victims

The investment scheme executed by Garrett Elder has impacted over 130 victims, individuals who placed their trust and financial resources in his hands. These victims come from various backgrounds and walks of life, united in the devastating losses they have suffered as a result of his deceptive actions.

Losses Sustained by the Victims

The victims in this case have collectively sustained approximately $25 million in losses due to Garrett Elder’s investment scheme. These losses have had a profound impact on the financial well-being and security of the victims, many of whom trusted Elder with their hard-earned money in the hopes of financial growth and security.

Defendant’s Actions and Deceptions

Failure to Disclose Losses

One of the key deceptions employed by Garrett Elder was his failure to disclose the losses incurred through his trading activities. After losing the initial funds invested by his parents, Elder chose not to inform subsequent investors about these losses, maintaining the false impression of success and profitability.

False Impressions of Success

Through the creation of falsified quarterly performance reports, Garrett Elder managed to create false impressions of success, leading investors to believe that their investments were yielding positive returns. These reports were instrumental in perpetuating the deception and luring new investors into the scheme.

Ongoing Deception and False Reports

Despite the mounting losses sustained in his trading activities, Elder continued to deceive investors through false reports indicating positive returns. These reports were emailed to investors, lending an air of legitimacy and further encouraging the continued investment in the scheme.

Creation of The Daily Bread Fund

Establishment of a New Entity

In 2019, Garrett Elder established The Daily Bread Fund LLC as a new entity to continue soliciting investments and maintaining the illusion of success. This new entity was presented as an opportunity for new investors to participate in a successful trading operation, despite the fact that Elder’s previous ventures had resulted in significant losses.

Continued Solicitation of Investors

The establishment of The Daily Bread Fund LLC allowed Elder to continue soliciting investments from new and existing investors. By presenting himself as a successful trader and leveraging the false impressions created through falsified reports, he managed to attract significant investments, perpetuating the scheme and exacerbating the losses of the victims.

Continued Solicitation of Investors

Throughout the duration of the investment scheme, Garrett Elder persistently solicited new investors, capitalizing on the false impressions of success that he maintained. By portraying himself as a successful trader and capitalizing on personal relationships, he managed to attract a substantial number of new investors who believed in his ability to provide financial returns.

Legal Consequences

Garrett Elder has been charged with wire fraud in violation of 18 U.S.C. § 1343, and he now faces significant legal consequences as a result of his actions. If convicted, he may be sentenced to a maximum of 20 years in prison and face a fine of up to $250,000. The precise sentence will be determined by a federal district court judge who will consider the U.S. Sentencing Guidelines and other statutory factors.


The investment scheme masterminded by Garrett Elder has had far-reaching consequences for over 130 victims, resulting in approximately $25 million in losses. Through deceptive actions, false impressions of success, and the creation of The Daily Bread Fund, Elder managed to prolong the scheme and continue soliciting new investors while incurring significant losses. The legal consequences that Elder faces highlight the severity of his actions and the need to protect vulnerable individuals from such fraudulent investment schemes. As this case unfolds, it serves as a stark reminder of the importance of due diligence and skepticism when considering investment opportunities.