Marina Del Rey Man Faces 40 Years in Prison for Wire Fraud

MARINA DEL REY, CA — A 43-year-old Marina Del Rey man faces up to 40 years in federal prison for a fraud scheme that promised extraordinary profits to victims, federal prosecutors said.

Mark Gelazela was convicted Thursday afternoon on two counts of wire fraud, according to the U.S. Attorney's Office. He was scheduled to be sentenced Dec. 12.

Gelazela, who operated IDLYC Holdings Trust, told victims that their investment was used to lease and monetize bank guarantees. The 18 victims lost about $5 million in the scheme, prosecutors said.

Instead of investing the funds, the defendant and other co-conspirators pocketed the money and would use some of it to pay off older investors, prosecutors said.

"This scheme was based on extravagant promises of high returns, which underscores the importance of exercising extreme caution when a deal sounds too good to be true," said U.S. Attorney Eileen M. Decker.

Co-defendant Francis Wilde, 65, of Mountain View, pleaded guilty in May to wire fraud and acknowledged his part in 26 deals that cost victims more than $6.3 million, prosecutors said. He was scheduled to be sentenced Dec. 5.

Co-defendants Steven Woods, 55, of Missouri, and attorney Bruce Haglund, 65, of Irvine, are awaiting trial.

— City News Service, photo via Shutterstock