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Tuesday, July 23, 2024 | Back issues
Courthouse News Service Courthouse News Service

Lawsuit Alleges Fraudulent Investment Ring In Las Vegas Houses

LOS ANGELES (CN) - Las Vegas resident Derrick Phelps used his company Investment Realty Inc. to run a fraudulent investment scheme with help from Citi Smith Barney financial adviser Christopher W. Brown and 12 other defendants, Mark Ellison Glover claims in Superior Court.

Glover claims the defendants "fraudulently solicited a number of unsophisticated investors to deposit monies in a brokerage account with WITI promising them astronomical returns with no risk if they did so. ... The members of the fraudulent investment scheme used straw buyers to purchase residential properties in Las Vegas, Nev., often from other members of the fraudulent investment scheme, and then sell the properties to unsuspecting buyers after over-encumbering the properties with inflated appraisal. The profits were then split among the members of the fraudulent investment scheme. The same straw buyers and their financial information were used to purchase multiple properties." Glover demands punitive damages for fraud, theft, embezzlement, and other charges. He is represented by Gregory Burke of Laguna Beach.

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