Digital Advertising Business Owner And Operator Arrested For Defrauding Investors Of Over $5 Million
LAS VEGAS, Nev. – A Nevada business owner and operator was arraigned in federal court today on charges related to a fraud scheme that allegedly defrauded from investors over $5 million, announced U.S. Attorney Nicholas A. Trutanich for the District of Nevada.
“The U.S. Attorney’s Office is committed to prosecuting individuals who engage in acts of financial fraud,” said U.S. Attorney Trutanich. “The alleged scheme deceived more than 200 investors and caused a loss of more than $5 million.”
Robert Cortez Marshall, 39, was charged by a grand jury on October 16, 2019, in an indictment with five counts of wire fraud and five counts of money laundering. He was arrested today and arraigned before U.S. Magistrate Judge Elayna J. Youchah.
According to allegations contained in the indictment, between approximately January 2014 and April 2015, Marshall owned and operated R.B.J. Generational Weatlth Management LLC d/b/a Adz on Wheelz. Marshall devised a scheme to defraud victims by inducing them to invest in Adz on Wheelz based on false representations and omissions, such as claims that Adz on Wheelz owned and operated a fleet of luxury vehicles that could be customized for digital advertising, that investors would receive a guaranteed weekly royalty payment, and that Adz on Wheelz had earned millions of dollars of commitments from advertisers. Instead, Marshall operated Adz on Wheelz almost entirely as a Ponzi scheme, using money solicited from new investors to make the “royalty payments” owed to prior investors. Marshall also transferred investor funds to other accounts under his control and used investor money for his own personal expenses. Through this scheme, Marshall defrauded more than 200 investors who invested a total of more than $5 million in Adz on Wheelz.
Read more: https://www.justice.gov/usao-nv/pr/digital-advertising-business-owner-and-operator-arrested-defrauding-investors-over-5