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Las Vegas Business Owner Sentenced for $5 Million Ponzi Scheme
LAS VEGAS – A Las Vegas business owner and operator who pleaded guilty to wire fraud was sentenced to 34 months in prison followed by two years of supervised release for fraudulently soliciting more than $5 million in investments for his digital advertisement business.
Robert Cortez Marshall, 43, operated a Ponzi scheme between January 2014 and April 2015 by fraudulently soliciting over $5 million for his business R.B.J. Generational Wealth Management LLC d/b/a Adz on Wheelz from more than 200 unwitting investors.
According to court documents, Marshall devised a scheme to defraud victims by falsely claiming that Adz on Wheelz owned and operated a fleet of luxury vehicles that could be customized for digital advertising, had already received millions of dollars in contracts from advertisers, that investors would receive a guaranteed weekly royalty payment, and that investors could cancel at any time or receive a refund of their investment.
In reality, Marshall would use money solicited from new investors to make the "royalty payments" owed to prior investors. He also transferred investor funds to other accounts under his control and used investor money for his own personal expenses. Through this scheme, investors lost approximately $3.5 million.
"The defendant wined and dined his investors, and he promised annual returns of more than 200% on investments," said U.S. Attorney Jason M. Frierson for the District of Nevada. "The U.S. Attorney’s Office is committed to prosecuting individuals who take advantage and defraud others for profit."
The case was investigated by the FBI. Assistant U.S. Attorneys Jim Fang and Tony Lopez prosecuted the case.
Marshall’s sentencing is a significant blow to those who participated in the Ponzi scheme and lost millions of dollars. The FBI and U.S. Attorney’s Office continue to work together to investigate and prosecute financially devastating schemes like this one.
The exact date of the crime was between January 2014 and April 2015, and the sentencing took place yesterday.
Defendant: Robert Cortez Marshall
Charges: Wire fraud
City and state: Las Vegas, Nevada
Date: Yesterday
Sentence: 34 months in prison followed by two years of supervised release
Dollar amount: $5 million
Key Facts
- State: Nevada
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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