May 13, 2016
Defendant pleads guilty and agrees to pay full restitution of $1.2 million to
Las Vegas, NV – Nevada Attorney General Adam Paul Laxalt announced that William Gayler, 71, of Las Vegas, pleaded guilty to one count of securities fraud, a category “B” felony. The fraud was committed in May 2005.
Gayler made fraudulent misrepresentations to investors while selling them a membership interest in a company. He misrepresented that the company would collect $2.5 million in capital contributions in order to buy a property out of bankruptcy. Based on these misrepresentations, eight victims, two of whom were elderly, invested in the company, while Gayler converted the funds for his own use. Two of eight victims Gayler entered a guilty plea agreement that requires him to pay back eight victims more than $1.2 million, in addition to $10,000 in fines and $10,000 in investigative costs.
“Complex securities fraud schemes can devastate victims financially, especially those who are elderly and less likely to recover their losses,” said Laxalt. “Cases like this one hold fraudsters accountable and ensure victims that my Office is committed to protecting their hard-earned dollars.”
Nevada Secretary of State Barbara Cegavske added, “Securities fraud can be committed by individuals who appear to be successful and may even hold a special license, such as Gayler who was a licensed real estate agent. Investors are encouraged to verify with the Nevada Securities Division whether a person selling them an investment is also licensed to sell securities. The Securities Division can be reached at 702-486-2440. The Office of Secretary of State is committed to investigating individuals who fail to comply with Securities laws.”
The sentencing hearing for Gayler is scheduled for September 13, 2016 in the Eighth Judicial District Court.
This case was investigated by the Nevada Secretary of State’s Office, and was prosecuted by the Fraud Unit of the Office of the Nevada Attorney General. To view the criminal indictment for Gayler, click here. To file a complaint about someone suspected of committing fraud, click here.