LAS VEGAS – A Las Vegas enterprise proprietor and operator who pleaded responsible to wire fraud was sentenced yesterday by U.S. District Decide Jennifer A. Dorsey to 34 months in jail adopted by two years of supervised launch for fraudulently soliciting greater than $5 million in investments for his digital commercial enterprise.
In accordance with courtroom paperwork, Robert Cortez Marshall, 43, operated a Ponzi scheme between January 2014 and April 2015 by fraudulently soliciting over $5 million for his enterprise R.B.J. Generational Wealth Administration LLC d/b/a Adz on Wheelz from greater than 200 unwitting buyers. He devised a scheme to defraud victims by falsely claiming that: (1) Adz on Wheelz owned and operated a fleet of luxurious automobiles that could possibly be custom-made for digital promoting; (2) Adz on Wheelz had already obtained hundreds of thousands of {dollars} in contracts from advertisers; (3) buyers would obtain a assured weekly royalty fee; and (4) buyers may cancel at any time or obtain a refund of their funding.
In actuality, Marshall would use cash solicited from new buyers to make the “royalty funds” owed to prior buyers. He additionally transferred investor funds to different accounts below his management and used investor cash for his personal private bills. By this scheme, buyers misplaced roughly $3.5 million.
“The defendant wined and dined his buyers, and he promised annual returns of greater than 200% on investments,” stated U.S. Legal professional Jason M. Frierson for the District of Nevada. “The U.S. Legal professional’s Workplace is dedicated to prosecuting people who take benefit and defraud others for revenue.”
“Monetary crimes like Ponzi schemes might not be violent, however they actually are usually not victimless,” stated Particular Agent in Cost Spencer L. Evans for the FBI. “Beneath the guise of a longtime enterprise Mr. Marshall solicited investments from people and secured their belief, swindling greater than 200 victims out of greater than $5 million for his private profit. The FBI will proceed to work with our companions to analyze financially devastating schemes and search justice for victims of fraud.”
The case was investigated by the FBI. Assistant U.S. Attorneys Jim Fang and Tony Lopez prosecuted the case.
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