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November 15, 2009

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Vegas man sentenced for fraud

Thursday, Dec. 13, 2001 | 10:45 a.m.

The former president of Brycar Financial of Las Vegas, who was charged in June with bilking 550 investors out of $2.4 million in a Ponzi scheme, was sentenced Wednesday to 63 months in prison for bank and securities fraud and an additional five months for a new charge of filing false income tax returns.

Sentenced was Bryan Egan, who acted as a loan broker for several small business owners and who pleaded guilty in June to fraudulently obtaining about $2.35 million in loans from several banks.

Egan, his company, Brycar Financial Corp. and his wife, Carol, also known as Carol DeSalvio, were targeted in September by the U.S. Securities and Exchange Commission. The SEC said they illegally offered investors guarantees that their "risk-free" and "tax-free" investments in so-called "pre-IPO stock" and other securities would generate 500 percent returns.

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