Secretary of State's Investigators Arrest Suspected Fraudsters
Two Clark County men are accused of securities fraud and theft
Contact: Pam duPré
(Carson City, NV; Dec. 7, 2010) – Investigators with Secretary of State Ross Miller’s Securities Division have arrested two Clark County men accused of bilking a victim out of thousands of dollars. One of the suspects, Tan Nguyen, has a long record of violating state and federal laws. Euclides Guerrero, whom Nguyen identified as his assistant, was also arrested.
Investigators say Nguyen conducted his fraudulent business under two corporate names, TNR Holdings, Inc., whose legal corporate status had been revoked by the Secretary of State’s Commercial Recordings Division, and APX PM, Inc, which is listed in default status. Records show that Nguyen is currently on federal probation for a 2007 racketeering conviction, and that he had been successfully sued for having defaulted on a $40,000 debt. Nguyen had also overdrawn a bank account for more than $8,000.
The suspects are accused of securities fraud and theft against a Las Vegas woman who made what she thought were two investments in a multi-million dollar investment fund. Nguyen told the victim she could expect a 7% to 12% return on her investment in what he claimed was a $9 million dollar fund used to make loans to developers. He also allegedly told the victim he would personally guarantee any investment she made.
Investigators say she initially wired $15,000 to a bank account in Guerrero’s name. A month later, Nguyen deposited a little more than $1,000 in the victim’s account, claiming it was her first interest payment. Just a few weeks later, the victim wired another $25,000 to Guerrero’s account. She never saw any further return on her investments, despite promises by Nguyen of a complete return on her principal.
“This is another example of how someone could have avoided becoming a victim by making just one call to our office,” Secretary of State Miller said in announcing the arrests. “The suspects were not licensed agents, their product was not a registered security, and their business entities had no legal standing. We could have raised all sorts of red flags in this case. We’re grateful that the victim came forward so we could apprehend these suspects and perhaps put them out of business. But I have to repeat what I’ve been saying since elected to this position. Please, check before you invest!”
The toll-free number to call if anyone suspects they’ve been victimized by these two individuals or any other fraudulent scheme is 1-800-758-6440. The Nevada Attorney General’s Office has charged Nguyen and Guerrero with two felony counts each of securities fraud and theft.