Las Vegas man sentenced for running Ponzi scheme

A Las Vegas man was sentenced to prison Wednesday for fraudulently soliciting more than $5 million in investments for a digital advertising business he owned and operated, according to the U.S. Attorney’s Office for the District of Nevada.

Robert Cortez Marshall, 43, had pleaded guilty to wire fraud after operating a Ponzi scheme between January 2014 and April 2015, which fraudulently solicited over $5 million from more than 200 investors for his business, Adz on Wheelz.

He falsely claimed that Adz on Wheelz had a fleet of luxury vehicles that could be customized for digital advertising, that had already received millions of dollars in contracts from advertisers, that investors would receive weekly royalty payment and that they could cancel at any time or receive a refund, the attorney’s office said.

“The defendant wined and dined his investors, and he promised annual returns of more than 200% on investments,” U.S. Attorney for the District of Nevada, Jason M. Frierson, said in a statement. “The U.S. Attorney's Office is committed to prosecuting individuals who take advantage and defraud others for profit.”

Marshall used the money he solicited to make “royalty payments” owed to prior investors, transfer investor funds to other accounts under his control and use investor money for his own personal expenses, the attorney’s office said. Investors lost approximately $3.5 million.

The case was investigated by the FBI and prosecuted by Assistant U.S. Attorneys Jim Fang and Tony Lopez.

U.S. District Judge Jennifer A. Dorsey sentenced Marshall to 34 months in prison followed by two years of supervised release, the attorney’s office said.

“Financial crimes like Ponzi schemes may not be violent, but they certainly are not victimless,” FBI Special Agent in Charge Spencer L. Evans said in a statement. “Under the guise of an established business Mr. Marshall solicited investments from individuals and secured their trust, swindling more than 200 victims out of more than $5 million for his personal benefit. The FBI will continue to work with our partners to investigate financially devastating schemes and seek justice for victims of fraud.”