January 22, 2014
Land Developer Ordered to Repay $1.3 Million to Victims
Las Vegas, NV – Nevada Attorney General Catherine Cortez Masto announced that Hans Seibt, 72, of Las Vegas, was sentenced to the maximum term of ten years in prison for swindling investors in a land development scheme.
“Seibt had a track record of targeting his fellow elders, many of who lost their life savings through his Ponzi scheme,” said Masto. “This activity will not be tolerated. We will continue to protect seniors in our community.”
Seibt will be eligible for parole after serving four years of his sentence. In addition to the prison sentence, Judge Kathleen Delaney ordered him to pay nearly $1.3 million restitution to victims identified in the indictment. Seibt was permanently banned from engaging in securities transactions and must cooperate with any efforts to locate assets.
He was sentenced on Jan. 15 by Clark County District Court Judge Kathleen Delaney.
Seibt was indicted in 2011 by a Clark County grand jury on multiple felony securities fraud charges. Seibt operated an investment scheme in which he used investor money to pay obligations to other investors in what is commonly referred to as a Ponzi scheme. He operated under HSLV Development Corporation, Clark and Nye County Development Corporation, and SWN Land Corporation.
The crimes occurred on or between April 13, 2007 and Aug. 25, 2008.
This case was prosecuted by Senior Deputy Attorney General Jeffrey H. Segal of the Nevada Attorney General’s Fraud Unit and was investigated by the Nevada Secretary of State’s Office.
Anyone wishing to report fraud or suspicions of fraud may submit a written complaint, which can be found on our website.
To the read the original indictment click here.
| SEIBT, HANS PETER
(Photos courtesy of Las Vegas Metropolitan Police Department)