Dozens of potential victims came forward to the Division of Banking and Securities following the publication by Alaska’s News Source of an alleged fraudulent multi-million-dollar investment scheme, DBS officials said.
“Since your story aired, we are now in touch with people who have made investments by, or on behalf of 91 people, almost all of them from Alaska,” DBS Director Robert Schmidt said. “We have been able to document over $14 million in deposits made with this individual.”
“In fact, he was sitting in this couch,” Jake Chelf said. “We were talking to him, and we had like a business meeting, like, ‘how does this work,’ and we reviewed the contracts and he talked about his business model, and we’re like, ‘this seems good.’” “We know that he bought real estate with it,” Schmidt said. “We know that he bought some fancy vehicles with it.”
“Ultimately, if your investment advisor is not registered, that’s like going on a fishing trip and your guide doesn’t even have a fishing license,” Schmidt said. Elder did not respond to phone calls. We went to his home on King Arthur Circle in Anchorage where his wife answered the door. She said Elder wasn’t home and that she had no comment.
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