FOR IMMEDIATE RELEASE
DATE: May 25, 2007
CONTACT: Chris Lee (702) 486-2440

Secretary of State Office Exposes $2.7 Million Investment Scheme Targeting Seniors

Las Vegas, NV – Secretary of State Ross Miller announced today that investigators from the Securities Division, Office of the Secretary of State executed a summons on Nancy Nash and Palace Worldwide Enterprises in an investigation of securities law violations. Nash and Palace Worldwide Enterprises are alleged to have defrauded over $2.7 million from 42 investors. Nash is being charged with 23 felony violations for the sale of unregistered securities, the sale of securities by an unlicensed representative, racketeering and securities fraud.

Investigators allege Nash operated a ponzi scheme via Palace Worldwide Enterprises in which new investors’ funds were used to pay old investors, tricking them into believing they had invested in a legitimate enterprise and encouraging greater investments. Nash is neither licensed to sell securities, nor are the Palace Worldwide Enterprise securities registered with the State of Nevada.

"This is just another example of seniors being targeted in investment schemes,” said Secretary Miller. "Seniors need to be aware of the scams out there. Our office works vigorously investigating securities fraud and provides education to seniors to protect them from investment fraud.”

Nash held seminars at various Las Vegas hotels and casinos soliciting senior citizens. She even appeared on local television to inform individuals of various investment opportunities. Unknown to investors, their funds were deposited into other accounts controlled by Nash that were not related to Palace. Funds were placed in Nash’s personal checking account and an account for Nash Financial Management, Ltd., a business she operated that engaged in insurance sales, mortgage sales, tax preparation and living trusts preparations.

For more information on investment fraud or to file a complaint, contact the office’s Securities Division at 1-800-758-6440 or visit the Secretary of State website at http://www.secretaryofstate.biz/.

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.