Las Vegas Man Gets 21 Months in Prison for Wire Fraud - 8 News NOW

Las Vegas Man Gets 21 Months in Prison for Wire Fraud

Posted: Updated:

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.

  • Las Vegas NewsLas Vegas NewsMore>>

  • BREAKING NEWS: North Las Vegas Police investigate double shooting, one dead

    BREAKING NEWS: North Las Vegas Police investigate double shooting, one dead

    Saturday, April 19 2014 12:49 AM EDT2014-04-19 04:49:04 GMT
    North Las Vegas, NV. --North Las Vegas police are investigating a double shooting Friday night shortly before 8 p.m.Investigators said two men were shot at a home on Arbor Crest Street, near East Tropical Parkway and Donna Street.A 60-year-old man was taken to UMC Trauma with his condition unknown at this time. The second victim, a 37-year-old man, sustained non-life threatening injuries and treated on scene.Police are investigating the shooting as a domestic violence incident.More>>
    North Las Vegas, NV. --North Las Vegas police are investigating a double shooting Friday night shortly before 8 p.m.Investigators said two men were shot at a home on Arbor Crest Street, near East Tropical Parkway and Donna Street.A 60-year-old man was taken to UMC Trauma with his condition unknown at this time. The second victim, a 37-year-old man, sustained non-life threatening injuries and treated on scene.Police are investigating the shooting as a domestic violence incident.More>>
  • BREAKING NEWS: UMC lays off 100 employees

    BREAKING NEWS: UMC lays off 100 employees

    Friday, April 18 2014 9:52 PM EDT2014-04-19 01:52:41 GMT
    University Medical Center laid off more than 100 employees Friday and announced it will close four care centers.More>>
    University Medical Center laid off more than 100 employees Friday and announced it will close four care centers.More>>
  • Police investigate double stabbing

    Police investigate double stabbing

    Friday, April 18 2014 9:17 PM EDT2014-04-19 01:17:18 GMT
    Two people suffering stab wounds were rushed to the hospital Friday afternoon, Metro Police said.More>>
    Two people suffering stab wounds were rushed to the hospital Friday afternoon, Metro Police said.More>>
Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and KLAS. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.