Santa Barbara County Man Accused Of Operating Investment Fraud Schemes

Feb 8, 2018

A Santa Barbara County man is facing more than 20 criminal counts for what federal prosecutors say were fraudulent investment schemes.

Elias Argyropoulos was arrested after being indicted by a federal grand jury. Prosecutors say the 71 year old Montecito man solicited investments in things like Facebook and Twitter stock, but instead diverted money his mortgage, and casino debt.

They say he operated two Santa Barbara County based investment companies, called Prima Capital and Prima Ventura. The prosecutors say he also violated an injunction he had agreed to which banned him from acting as an unlicensed broker.

Argyropoulos entered not guilty pleas to the charges.