San Marcos man among four charged in $16 million investment fraud scheme in Arkansas

Flag of the Department of Justice in Washington
Flag of the Department of Justice in Washington. File photo

A San Marcos man is among four people charged in Arkansas with running an investment fraud scheme that allegedly took victims more than $16 million, according to an unsealed indictment Wednesday.

Federal prosecutors allege that between 2013 and 2021, the defendants’ Arkansas-based company, The Brittingham Group investments sought from victimsin which they promised “exorbitant returns on investment” that were never produced.

The defendants are Brian Brittsan, 65, a resident of San Marcos; Arkansas resident John C. Nock, 53; Utah resident Kevin Griffith, 66; and Alexander Ituma, 55, a resident of Utah. The men are each charged with wire fraud, conspiracy to commit wire fraud and conspiracy to launder money.

Brittsan – described as a director of TBG – is accused along with Nock, the founder of TBG, of ordering the victims to send money to bank accounts controlled by Griffith, Ituma and others. The defendants then allegedly “transferred the money through a complex network of bank accounts around the world”.

According to the indictment, the victims were falsely told that the company had an office in New York, a proprietary banking investment program through an unidentified financial institution, and established lines of credit with several companies.

The victims were also promised large returns, according to the indictment, which says the victims’ main payments were secured securely via fraudulent letters on the financial institutions’ letterhead.

The indictment alleges “no victim received the returns they were promised, and very few were even able to recover their principal.”

When payments to victims were delayed, Nock and Brittsan reportedly told victims that officials and/or government agencies in the countries where the investments were taking place were helping to ensure that victims would be reimbursed and this was delaying money transfers.


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