After $338,306 payment missed, scam case goes to court

By Cara McCoy

Friday, Jan. 8, 2010 | 9:23 a.m.

The case against a man suspected of scamming millions of dollars from elderly victims in a real estate development is moving to district court after he failed to make a restitution payment of more than $300,000.

Jamal Eljwaidi, also known as Jean Marc Eljwaidi, is charged with six counts of elder exploitation, a felony, for allegedly taking investors’ money for a real estate development and spending it on himself.

Las Vegas Justice of the Peace Joe Sciscento ordered the case to district court this morning after learning at a hearing that Eljwaidi failed to repay $338,306.59.

The alleged scam involves short-term loans for a shopping center project on 9.23 acres near Russell Road and the 215 Beltway in the southwest Las Vegas Valley made in exchange for high interest payments.

According to a criminal complaint, Eljwaidi is alleged to have scammed an elderly Las Vegas man who suffers from a diminished mental capacity out of $400,000 by promising to make the man an equal business partner.

Eljwaidi is accused of using up to $600,000, including the man's money, to live a lavish lifestyle while leaving the elderly man destitute.

The man is one of at least five alleged victims.

Eljwaidi was arrested July 29 after returning from London and booked into the Clark County Detention Center.

Records indicate Eljwaidi filed for Chapter 11 bankruptcy shortly before his arrest.