LAS VEGAS -- A federal judge sentenced a Las Vegas man Monday to 21 months in prison for fraudulently enticing individuals to give him nearly $2 million for development of a local commercial real estate project that never materialized, Nevada's U.S. Attorney Daniel Bogden said.
Jean Marc Eljwaidi, also known as Jean Marc Joveidi, 44, was also ordered by U.S. District Judge James Mahan to pay $1.8 million in restitution. Eljwaidi pleaded guilty in November to one count of wire fraud.
From November 2008 to June 2009, Eljwaidi obtained funds from investors for the development of a commercial real estate project at Interstate 215 and Russell Road. In November 2008, Eljwaidi knew the project could not be completed, but still enticed individuals to make investments.
According to the government, Ejwaidi provided the investors with promissory notes stating that he would use their funds to develop the project. He also said he would return their investments within a few months, along with 25 to 75 percent profit. But Eljwaidi knew he would use the funds instead to pay his personal expenses and maintain his affluent lifestyle, and to pay extension fees to keep the land from foreclosure.
Eljwaidi delayed repayment by soliciting more money from investors, repaying them with nominal amounts or avoiding them altogether.
Eljwaidi was permitted to self-report to federal prison by June 3.
The case was investigated by the FBI and prosecuted by Assistant U.S. Attorney Roger Yang.
