Brett Barber, 45, of Costa Mesa, was sentenced to more than 15 years in federal prison for orchestrating a fraudulent investment scheme that deceived investors, including older adults, out of $17 million, the U.S. Attorney’s Office for the Central District of California announced today.
Barber, a former co-owner of Newport Beach-based BNZ Capital One LLC and National American Capital, pleaded guilty in October 2023 to two counts of wire fraud and one count of criminal contempt. U.S. District Judge Otis D. Wright II scheduled a restitution hearing for January 9, 2025.
From May 2019 to October 2021, Barber was involved in two schemes designed to defraud investors:
BNZ Capital Scheme: Barber, along with co-conspirator Louis Zimmerle, 65, raised $13.8 million from investors by falsely claiming that BNZ bought and “flipped” real estate. They promised returns of 8% to 10% and misrepresented the funds as safe and FDIC-insured, but instead used the money for personal expenses and to repay earlier investors. The scheme caused at least $7 million in losses, with Barber personally pocketing nearly $3 million.
NAC Scheme: After learning of a federal investigation, Barber launched National American Capital in January 2021, operating similarly to BNZ. He falsely claimed to own real estate and continued to promise investor returns. The losses from this scheme totaled at least $3.5 million, with Barber keeping $388,669 for personal gain.
Zimmerle, who also participated in the fraud, pleaded guilty in January 2022 to wire fraud and was sentenced to five years of probation, fined $10,000, and ordered to pay $684,500 in restitution.