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December 2, 2009

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LV man pleads guilty in scam

Tuesday, June 26, 2001 | 10:38 a.m.

Bryan Egan, the former president of Brycar Financial Corp. of Las Vegas, who was charged with bilking 550 investors out of $2.4 million in a Ponzi scheme, pleaded guilty on Monday to bank and securities fraud and will likely be sentenced to 63 months in prison.

Egan, who is scheduled to be sentenced Oct. 5, entered into a plea agreement with the U.S. Attorney's office in which he agreed to pay an unspecified fine and surrender his illegally earned profits.

Egan, his wife Carol Egan, also known as Carol DeSalvio, and Brycar were sued 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.

Egan, who also acted as a loan broker for several small business owners, was accused of fraudulently obtaining about $2.35 million in loans from several banks by submitting false tax returns.

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