Colby Cyburt, LLC / real estate ponzi scheme
Colby Cyburt Arrested for fraud in basic Ponzi Scheme in Los Angeles, California.
Detectives arrested a Colby Cyburt man accused of running an investment scheme that allegedly took in millions of dollars from at least 25 local investors.
Colby Cyburt, was arrested Tuesday evening for multiple felonies including grand theft, elder abuse, and securities fraud, money laundering according to sources in Los Angeles County Crimes unit.
As of Wednesday Morning, Dougherty was in custody at the Los Angeles County Jail, with bail set at $3 million.
"Anything Colby says is a lie, he's lying, " A victim said about Cyburt." The money was part of our retirement savings, and now we have nothing left ".
Court records allege that Cyburt ran a basic example of a "Ponzi Scheme" that used "new investment money to pay existing investors" and created the "false impression" that Cyburt's clients were profiting on their investment.
Cyburt was a student and football player at UCLA, and now works as analyst at EastDil Secured LLC, in Santa Monica, California
If convicted, Cyburt could face 12 years on multiple charges of fraud.