Wednesday, Nov. 25, 1998 | 11:24 a.m.
A federal lawsuit alleges a Las Vegas businessman spent investors' money on a lavish lifestyle, including the purchase of a $1.9 million home.
Nineteen individuals and companies sued Rodd Buckle and six companies he is alleged to control, claiming fraud and violations of federal securities law. The plaintiffs seek $7 million in damages, an accounting of investment money and the appointment of a receiver.
The suit alleges Buckle's Maven Capital Corp. accepted investors' money beginning in the Spring of 1997, promising high returns on sports betting and other investments. Half of an investor's money was to be used for sports betting with the other half invested in securities and real estate, the suit says.
Maven Capital told investors it realized a 70 percent return during the first six months of 1997, the suit states. The suit claims Maven asserted the investments were considered loans to the company.
"There will be some losing days, but remain patient and remember our pockets are deep (because of mass involvement) and therefore our bankroll is never in jeopardy," the suit quotes a Maven letter to investors as saying.
The suit says a separate entity, Maven Enterprises, solicited investors for funds that were supposed to be used to investigate and develop acquisitions of gaming businesses.
In all cases, the investors allege Buckle used company funds to buy an expensive house, cars and other personal items.
Attempts to contact Buckle for comment failed. The phone number for Maven Capital had been disconnected.
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