A man from Orange County, Brett Barber, is heading to prison for 15 years after he admitted to tricking people into investing in a fake house-flipping business. His scam brought in over $17 million from investors, including retirement savings from older adults.
Barber, 45, pleaded guilty in October 2023 to wire fraud and breaking a court order while on pretrial release. U.S. Attorney Martin Estrada explained, “He took advantage of people’s trust, including elderly victims, to make himself rich.”
Two Fake Companies, Lots of Lies
Barber’s scam happened between May 2019 and October 2021, using two companies called BNZ Capital LLC and National American Capital. Federal officials said Barber never told investors he wasn’t allowed to work as a broker-dealer because of a past ban.
At BNZ Capital, Barber promised significant returns, saying investors could earn between 8% and 10%, plus bonuses. He even claimed their money was “FDIC insured” and completely safe. But instead of buying land or real estate, Barber and his team used the money to pay themselves.
The scam collected about $13.8 million, and Barber kept nearly $3 million for himself. Many of his victims were elderly.
Second Scam, More Losses
When federal investigators started looking into BNZ Capital, Barber set up another company, National American Capital, to continue scamming. This time, he caused a $3.5 million loss to investors, keeping almost $390,000 for himself.
Barber’s lies caught up with him in October 2021 when he met an undercover agent pretending to be an investor. Even then, Barber kept making false claims about his business. Soon after, he was indicted by a grand jury.
Breaking the Rules and Running Away
After posting bond, Barber violated his release terms by running from the police. A nationwide search lasted two months before U.S. Marshals found him hiding in Santa Cruz County in March 2023.
During sentencing, Judge Otis D. Wright II didn’t hold back, calling Barber’s actions “real violence” because he targeted vulnerable people in their later years. “He knew they were in their golden years, and he just took it all,” the judge said.
Now, Barber is paying the price for his crimes with a lengthy prison sentence.