LAS VEGAS (KTNV) — A Las Vegas business owner and operator has been sentenced to 34 months in prison for wire fraud after pleading guilty to fraudulently soliciting over $5 million in investments for his digital advertisement business, R.B.J. Generational Wealth Management LLC d/b/a Adz on Wheelz.
The Department of Justice reports that between January 2014 and April 2015, Robert Cortez Marshall, 43, defrauded more than 200 investors by falsely claiming that Adz on Wheelz owned and operated a fleet of luxury vehicles for digital advertising, had already received millions of dollars in contracts from advertisers, and would provide investors with guaranteed weekly royalty payments. Marshall also guaranteed investors that they may cancel at any moment and receive a full return.
However, Marshall utilized money raised from new investors to make "royalty payments" to previous investors, as well as move investor monies to other accounts under his control and use the money for personal needs. Approximately $3.5 million was lost by investors as a result of Marshall's fraud.
U.S. District Judge Jennifer A. Dorsey handed down the sentence, which also includes two years of supervised release.
