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Investigators Seek Public Assistance in Locating Man Charged with Senior Exploitation in Real Estate Scam
Posted Date: 6/15/2009

MORE THAN $400,000 TAKEN FROM JUST ONE VICTIM, AGENTS BELIEVE MORE VICTIMS YET TO BE IDENTIFIED

Secretary of State Ross Miller Says Financial Exploitation of Seniors on the Rise; Reminds Nevadans that June 15th World Elder Abuse Awareness Day

(Las Vegas, NV; June 15, 2009) - The Nevada Secretary of State’s Securities Enforcement Division is asking for the public’s assistance in finding a Las Vegas man charged with multiple felonies related to a real estate investment scheme that targeted 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. Investigators suspect there are more victims who have not yet been identified in the scheme that has netted 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, 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.

“Today being World Elder Abuse Awareness Day, it would be fitting to be able to bring to justice someone facing senior exploitation charges,” said Secretary of State Ross Miller. “Preying on senior citizens is, in itself, bad enough. In this case, the perpetrators have gone even further, taking advantage of someone who is unable to make competent decisions on his own. When we hear the phrase ‘elder abuse,’ we most often equate it with some form of physical or psychological abuse, but there’s a growing awareness that many seniors are the targets of financial abuse, and it requires everyone’s awareness to prevent it. Hopefully we can combine our efforts to find Mr. Eljwaidi with an effort to increase awareness of the problem in general.”

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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