New
Service for TodaysSeniorsNetwork.com
readers...roll mouse over, click on
highlighted links in stories to review items
from Amazon
Now, keep up to date
with daily feeds of newly posted stories
about America's Seniors...click on the box
to the left
Defendant to serve 4 to 10 years minimum In
Securities Scam preying On Nevada Senior
Citizens
January 9, 2008 -- LAS VEGAS -- Nevada
Attorney General Catherine Cortez Masto
announced today that District Court Judge
Elizabeth Gonzales sentenced Nancy Nash to
serve 4 to 10 years in Nevada State prison,
with an equal and consecutive term of 4 to
10 years as an elder enhancement penalty, in
connection with her plea of guilty to
feloniously operating a continuing legal
enterprise to sell unregistered securities
to elderly victims in Nevada.
Nash was also ordered to pay in excess of
$2.8 million dollars to victims of the
securities scam targeting primarily senior
citizens throughout Nevada.
Assistant Chief Deputy Attorney General John
P. Kelleher who prosecuted the case, labeled
Nash, as a “financial predator,” who offered
and sold investment contract securities
through her company Palace Worldwide
Enterprises, to 44 Nevada residents, many of
whom are senior citizens.
According to Kelleher, Nash marketed herself
as a “Certified Senior Investment
Specialist.” However, the investment program
was nothing more than an elaborate Ponzi
scheme, resulting in a total loss to the
victims in the amount of $2,746,117.37.
There were zero revenues generated from the
Palace investment in or for the sale of real
estate properties,” added Kelleher.
Nash operated from the NASH FINANCIAL
MANAGEMENT offices in Las Vegas, where NASH
operated four other businesses, including
insurance, tax preparation, mortgage and
living trust services. All four businesses
operated under NASH FINANCIAL MANAGEMENT.
NASH used her insurance, tax preparation,
mortgage sales and living trust activities
to locate perspective investors for PALACE
WORLDWIDE ENTERPRISES. All four activities
exposed the client’s financial records to
NASH and NASH held monthly “free lunch”
financial seminars for senior citizens in
Clark County area hotel/casinos as an
additional means of attracting prospective
investors.
NASH convinced many of the investors to cash
in safe investments, 401K Retirement
accounts and refinance their homes in order
to invest in the fraudulent scheme.
NASH represented that she could help the
victims obtain low interest rate mortgages,
for which Nash would receive a referral fee.
Nash failed to explain that the mortgage
rates were adjustable however and would
increase over time.
"Some of the victims are currently paying in
excess of double what their original
mortgage payment was prior to their
investment with NASH and others, who
previously owned their home free and clear,
are now financially burdened with high
interest mortgage payments leaving them in
dire financial straights as a direct result
of Nash’s criminal conduct” said Attorney
General Catherine Cortez Masto."
“Senior protection and mortgage fraud are
top priorities for my administration. The
Nash case involved elements of elder
exploitation, mortgage fraud and securities
fraud, which are all areas that my office
has targeted as priority crimes needing to
be addressed.
"We
intend to aggressively prosecute all types
of financial fraud in Nevada, which is
particularly egregious when the victims are
Senior citizens on fixed incomes who are
left financially destitute as a result of
the fraudulent activity” stated Attorney
General Masto.
Nash was taken into custody at the
conclusion of the sentencing to begin
serving her prison term.
Now,
keep up to date with daily feeds of newly posted stories about America's
Seniors...click on the box to the left
