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SUSPECTED LAS VEGAS SECURITIES FRAUD PERPETRATOR ARRESTED IN TEXAS AFTER ARRIVING IN U.S. FROM DUBAI
Posted Date: 3/12/2009

Victims in Other States are Urged to Contact Their Respective Enforcement Agencies

(Las Vegas, NV; March 12, 2009)

A Las Vegas man, wanted on charges of securities fraud, was arrested Tuesday, March 10th in Houston, Texas as he was returning home from a trip to Dubai. Investigators for the Nevada Secretary of State’s Securities Enforcement Division had obtained an arrest warrant for Robert T. Calvert, charging him with one count of felony theft, and two counts of fraudulent offer or sale of security related to an investment of more than $90,000 by one victim.

Investigators say that after investigating a complaint against Calvert they obtained an arrest warrant which they filed with the National Crime Information Center (NCIC) database. Officers with the federal Immigration and Customs Enforcement (ICE) saw that Calvert was travelling from Dubai to the United States and notified Nevada Securities investigators as well as police in Houston, where Calvert would be arriving. Houston Police arrested Calvert upon his arrival, and notified Nevada Securities Division investigators of the arrest. Calvert has not agreed to extradition back to Las Vegas, and is currently being held in the Harris County, Texas jail.

Nevada Securities Enforcement Division investigators say that Calvert told his Las Vegas victim that he operated an investment company called Pacific Payment Xchange, LLC (PPX), which was involved in financing real estate projects, and that the victim’s investment would yield an eight-percent monthly return, with the entire investment being returned to the victim in 18 months. The criminal complaint and warrant allege that Calvert used the money to make investments of his own and to pay off other investors in what was essentially a Ponzi scheme. They say they believe Calvert has been selling the fraudulent securities in other states as well, and victims in those states should contact their respective securities enforcement officials.

“At the very least, cases like these serve as a warning to all Nevadans looking to make an investment,” said Secretary Miller. “In this particularly volatile economic climate we want Nevadans to make a visit to our website a regular part of their due diligence before investing.

Our site, www.nvsos.gov, and links to the Financial Industry Regulatory Authority (FINRA), and the North American Securities Administrators Association (NASAA) are all easy ways to check the status of anyone claiming to be a securities broker or dealer. That simple check alone would stop many of the cases of securities fraud that we investigate.”

The Securities Enforcement Division asks that Nevadans who have done business with Mr. Calvert to contact them at (702) 486-2440, (775) 688-1855, or (800) 758-6440. Alleged victims in other states are advised to contact their respective enforcement agencies.

As in all criminal matters, the office of the Secretary of State maintains that the allegations are merely accusations and individuals are presumed to be innocent until proven guilty in a court of law.

For more information on how to choose an investment professional, go directly to http://www.nvsos.gov/securities/investors/publications/knowyourbroker.asp, or follow the Securities Center “investor education” links at www.nvsos.gov.

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