Investigators Execute Search Warrant on Offices of Suspect in Senior Exploitation Scam
Secretary of State Ross Miller says his public notice of the alleged crime last
week resulted in new victims coming forward.
Suspect Remains at Large
(Las Vegas, NV; June 23, 2009) -- The Nevada Secretary of State’s Securities Enforcement Division today executed a search warrant on the offices of a Las Vegas man charged with multiple felonies related to a real estate investment scheme that targeted multiple victims, including local seniors. Police have a warrant for the arrest of Jamal Eljwaidi, also known as Jean Marc, who is facing six counts of elder exploitation. More charges may be filed as a result of the search.
Several more potential victims have come forward since Secretary of State Ross Miller issued a notice of the arrest warrant last week. Investigators suspect there are more victims who have not yet been identified in the scheme that may involve millions of dollars. Investigators have confirmed the scheme has netted at least $600,000, including more than $400,000 from one Las Vegas senior who has been diagnosed with multiple conditions affecting his mental capacity. Investigators say Eljwaidi told his victim that the two of them would be equal partners in a commercial real estate investment, and then proceeded to collect more than $400,000 in multiple payments from the victim. Eljwaidi used the money to live a lavish life style, while leaving his victim virtually destitute.
“Just one week ago on World Elder Abuse Awareness Day, I asked that any person who may have been a victim of Mr. Eljwaidi to contact my office so that we would be able to bring to justice someone facing senior exploitation charges,” said Secretary of State Ross Miller. “As a result of this request, my office received additional information from other possible victims. This information, along with information from a former employee, led to the search of the offices today and may result in additional charges against Mr. Eljwaidi.”
Investigators say Mr. Eljwaidi and his employees called potential victims to offer them high interest payments if they would invest short term loans in a shopping center project. Possible new charges include securities fraud, sale of unregistered securities, obtaining money under false pretenses, and racketeering.
Mr. Eljwaidi remains at large and anyone with knowledge of Eljwaidi’s whereabouts, or knowledge of any others who may have invested with Eljwaidi, or his companies Babuski LLC and JKG Development, or anyone who believes they may be the victim of a fraudulent investment scheme, can contact the Secretary of State’s office at (702) 486-2440, or (775) 688-1855. As in all criminal matters, the office 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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