April 15, 2015
Las Vegas, NV – Nevada Attorney General Adam Paul Laxalt announced that Mark Shelton, 46, of Las Vegas, pleaded guilty last week to securities fraud and multiple transactions of fraud and deceit in connection with two scams. These frauds occurred between November 2012 and February 2013.
Shelton used aliases in order to swindle online victims to pay substantial fees in exchange for loan funding and lines of credit. Shelton collected the fees, but never provided the promised loans. He deceived his victims by operating a business under the names Private Business Capital, Inc. and Private Income Solutions, Inc. or Private Cash Solutions. In total, Shelton defrauded his victims of more than $85,000.
“My office will aggressively pursue those attempting to defraud individuals, especially those who are repeat offenders,” said Laxalt. “The public should be made aware that fraud trends are constantly evolving, particularly with the availability of anonymous internet advertising and solicitation. I urge those looking to obtain loans online to research loan businesses thoroughly before paying any fees or signing any contracts. Nevada law prohibits any person from receiving an advance fee to obtain a loan for another person, unless the fee is placed in escrow pending completion or commitment of the loan.”
Prior to his guilty pleas last week, Shelton also pleaded guilty to one count of theft and one count of unlawful receipt of money to obtain a loan for another, involving a scam he ran under the name of Platinum Capital Group, Inc. The charges stemmed from Shelton’s stealing of a victim’s $104,000 Bentley GTC on the misrepresentation that it would serve as a fee for a large business loan.
Shelton is set to be sentenced for each of his crimes in the Eighth Judicial District Court, Department 21 on May 26, 2015.
These cases were a joint effort of investigators from the Office of the Nevada Attorney General and the Nevada Secretary of State. Shelton’s cases are being prosecuted by Senior Deputy Attorney General Samuel Kern and Senior Deputy Attorney General Raya Swift.
To view the guilty plea agreements, click here and here. To file a complaint with the Attorney General’s Office, click here.
(Photo courtesy of the Las Vegas Metropolitan Police Department)