Laguna Niguel Man Accused of Swindling $1.6 Million From Investors, 92-Year-Old Playa Del Rey Resident

Federal lawsuit alleges John David Gessin used false pretenses to fund lavish expenses

By Sam Catanzaro

A Laguna Niguel man is accused of defrauding five investors, including a 92-yearold resident of Playa del Rey assisted-living center and her friends, out of $1.6 million, according to a lawsuit filed by the U.S. Securities and Exchange Commission.

The lawsuit alleges that John David Gessin allegedly presented himself as a successful entrepreneur and raised more than $1.2 million from the 92-year-old and $429,000 combined from the others on behalf of his companies, Equifunds and Ice Fleet, between March 2017 and January 2020.

Gessin purported that the companies were involved in commercial fueling and renewable energy operations. However, the SEC complaint alleges that Gessin used the funds to pay his mortgage and fund lavish expenses, including the purchase of automobiles, hotel stays, restaurant meals, and gifts for friends and family members.

Gessin allegedly used the alias “John David” to hide his real identity and his checkered past, which includes a criminal record and several bankruptcies. He was found liable for defrauding a high school teacher he met on Match.com out of her life savings, which he lost day-trading in the stock market, in 2010. He also has multiple default judgments against him for failure to repay loans and promissory notes, according to the lawsuit.

The lawsuit alleges that Gessin claimed that operations at his fueling depot in Baldwin Park had been disrupted by the COVID-19 pandemic and payments would resume in a few months, according to the suit. However, the investors learned that the depot had been operating normally during the pandemic and that Gessin had no ownership interest in the facility. After the investors confronted him about his misrepresentations, Gessin cut off all contact with them and stopped replying to their messages and phone calls.

The SEC is requesting a court order requiring Gessin to pay undisclosed civil penalties. None of the investors were identified by the SEC.