Las Vegas Man Will Serve Multiple Prison Sentences and is Ordered to Pay More Than $120,000 in Restitution
Carson City, NV; Jan. 29, 2009 –A Las Vegas man who defrauded 17 Southern Nevadans, and used their money to pay restitution for previous fraud convictions, was sentenced this morning to multiple prison terms and ordered to pay more than $120,000 in restitution. Jared Schiller was arrested in September of 2008 by investigators from the Nevada Secretary of State’s office, and prosecuted by the Attorney General’s office. He was convicted of two counts of securities fraud and two counts of theft stemming from his activities as an unlicensed securities sales representative.
Schiller told his victims that he would invest their money in Tritian Trading Corporation, which he said was a foreign currency trading operation. He told some investors that their initial investment would double every two months. He did not tell them that he would be using more than $6,000 the money to pay restitution in two prior convictions for fraud and theft, and that in reality no foreign currency trading was being conducted. The restitution payments from the previous cases were made to the Clark County District Attorney’s office and the Nevada Department of Parole and Probation.
“Here is another case that points out the need for due diligence when making an investment,” said Secretary of State Ross Miller. “Many of the victims were friends and co-workers of Schiller’s, but even when you’re dealing with a friend it’s wise to check before investing. We have resources on our website, www.nvsos.gov, that make it easy to check on the credentials of someone selling securities. It’s also worth pointing out that this is another case of the promised return on investment being simply too good to be true.”
In May of 2007 Schiller sent his investors an email telling them that their money was gone. When the investors began to look for Schiller they were unsuccessful and contacted the Nevada Secretary of State’s Securities Division. Investigators spent several months tracking Schiller to the state of Virginia, then back to Bothel, Washington where he was arrested in September of 2008.
He was sentenced today in District Court, Department 5 to two concurrent sentences of 30 to 80 months on the securities fraud conviction; a concurrent sentence of 16 to 40 months on one of the theft convictions; and, an additional consecutive sentence of 12 to 40 months on the second theft conviction.