John David Gessin et al.
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U.S. SECURITIES AND EXCHANGE COMMISSION Litigation Release No. 26481 / February 11, 2026 Securities and Exchange Commission v. John David Gessin, et al., No. 8:23-cv-00460 (C.D. Cal. filed Mar. 14, 2023) SEC Obtains Final Judgments Against Defendants John David Gessin, Equifunds, Inc., and Ice Fleet LLC The U.S. District Court for the Central District of California entered final judgments by default against defendant Equifunds, Inc. (“Equifunds”) on January 20, 2026, and against defendants John David Gessin and Ice Fleet LLC (“Ice Fleet”) on January 21, 2026, in connection with previously filed fraud charges . According to the SEC’s complaint, filed on March 14, 2023, defendants engaged in a multi-year fraudulent scheme, raising more than $1.6 million from five retail investors, including a veteran and a retired nurse. As alleged, although Gessin told investors that the funds they entrusted to him would be used solely for business purposes, Gessin routinely misappropriated investor funds to pay his personal expenses, including the mortgage on a home in gated community, cars, hotel stays, and gifts to friends and family members. The final judgments permanently enjoin defendants from violating Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder and hold defendants jointly and severally liable for disgorgement of $1,230,807 and prejudgment interest of $410,116. In addition, the final judgment against Gessin permanently enjoins him from participating in the issuance, purchase, offer or sale of securities, except for purchases or sales for his personal accounts; prohibits him from acting as an officer or director of a publicly traded company; and holds him liable for a civil penalty of $945,804. The SEC’s litigation was led by Jennifer Farer and Nick Margida, substantially assisted by Senior Accountant Jamie Wohlert, and supervised by James Carlson. The SEC’s investigation was conducted by Joseph Zambuto, Jr. Resources <ul class="field
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"District Court for the Central District of California entered final judgments by default against defendant Equifunds, Inc. (“Equifunds”) on January 20, 2026, and against defendants John David Gessin and Ice Fleet LLC (“Ice Fleet”) on January 21, 2026, in connection with previously filed fraud charges ."
"John David Gessin, et al., No. 8:23-cv-00460 (C.D."
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"In addition, the final judgment against Gessin permanently enjoins him from participating in the issuance, purchase, offer or sale of securities, except for purchases or sales for his personal accounts; prohibits him from acting as an officer or director of a publicly traded company; and holds him liable for a civil penalty of $945,804."