A Las Vegas-based business owner and operator is going to prison for spearheading a $5 million Ponzi scheme.
According to a press release shared by the Justice Department, Robert Cortez Marshall, 43, was given 34 months in prison and two years of supervised release after entering a guilty plea to wire fraud by U.S. District Judge Jennifer A. Dorsey. Marshall stole $5 million from investors through his digital advertising agency.
“The defendant wined and dined his investors, and he promised annual returns of more than 200% on investments,” U.S. Attorney Jason M. Frierson for the District of Nevada said in the release. “The U.S. Attorney’s Office is committed to prosecuting individuals who take advantage and defraud others for profit.”
Marshall utilized Adz on Wheelz, a subsidiary of his company R.B.J. Generational Wealth Management LLC, to defraud 200 investors with promises that he would display digital advertising on luxurious vehicles that he did not operate or own.
According to Special Agent in Charge Spencer L. Evans for the FBI: “Financial crimes like Ponzi schemes may not be violent, but they certainly are not victimless. Under the guise of an established business, Mr. Marshall solicited investments from individuals and secured their trust, swindling more than 200 victims out of more than $5 million for his personal benefit. The FBI will continue to work with our partners to investigate financially devastating schemes and seek justice for victims of fraud.”
