Secretary of State's Investigators Arrest Suspected Fraudster - Again
Arrest Comes as Suspect Leaves Court Sentencing for Previous Crime
(Carson City, NV; September 24, 2009) – Criminal Investigators with Secretary of State Ross Miller’s Securities Division arrested a Henderson man for suspected securities fraud as he was leaving a Las Vegas District Court after being sentenced for a previous securities fraud conviction.
Thomas G. Vail, 53, had just been sentenced to three years probation after pleading guilty to one count of making a fraudulent offer or sale of securities. He had been charged in 2008 with several felony counts of transacting business as an unlicensed investment advisor and securities fraud upon a person 60 years of age or older.
A Las Vegas Justice of the Peace issued an arrest warrant earlier this week after the Attorney General’s office filed a new Criminal Complaint for Securities Fraud involving a new victim who had been identified by the Secretary of State’s investigators. Even though Vail was charged in February of 2008, he is suspected of continuing to commit securities fraud as recently as January of 2009.
“What scam artists like these should understand is that my Securities Division is going to remain diligent in seeking justice for their victims and preventing them from conning anybody else,” Secretary of State Ross Miller said. “We hope that if there are others out there who gave money to Mr. Vail, they will come forward and tell us what they know.”
In 2008, Vail was charged with convincing at least three senior citizens to invest in savings certificates they believed were federally insured bank certificates, but were not.
More recently, Vail is suspected of talking a senior citizen into giving him nearly $20,000 that Vail said he would invest with a friend who loans money to high roller gamblers. Vail allegedly told the victim he would pay a 72% return on the investment. Instead, Vail is suspected of spending the money himself. He allegedly also failed to tell the victim that he had previously been convicted of securities fraud and that he was not licensed to sell securities in Nevada.
Vail will be charged again with committing securities fraud against a person 60 years of age or older, as well as theft.
Anyone who may have given Thomas Vail money to invest is asked to call the Secretary of State’s Securities Division at 702-486-2440