March 16, 2016
Defendant Received 3 ½ - 10 Years in Prison and Ordered to pay Full Restitution of $103,000
Las Vegas, NV – Nevada Attorney General Adam Paul Laxalt announced that Lawrence Ronald Valentine, 65, of Las Vegas, was sentenced after pleading guilty to one count of theft, a category “B” felony. The fraud was committed between July and October 2010.
Valentine promised to invest an elderly victim’s money on his behalf. As a result, the victim transferred $103,000 into Valentine’s personal bank account. Ultimately, the defendant failed to honor the investment agreement, instead spending the victim’s money on personal expenses.
“It is especially troubling when a senior citizen is the target of fraud, as they are often more vulnerable and less able to recover from financial loss,” said Laxalt. “My office remains committed to prosecuting instances of security fraud such as this one to ensure that our most vulnerable are financially protected.”
Eighth Judicial District Court Judge Michael Villani sentenced Valentine to 42-120 months in prison, and ordered him to pay $103,000 in restitution.
“The Nevada Secretary of State’s Office continues to makes securities fraud investigations a priority,” added Secretary of State Barbara Cegavske. “Investors are encouraged to reach out to the office if they suspect they have been the victim of an investment scam. We urge investors to check with the Securities Division at 702-486- 2440 prior to investing to determine if an investment professional is licensed.”
This case was investigated by the Nevada Secretary of State’s Office, and was prosecuted by the Office of the Attorney General’s Fraud Unit.
To view the criminal Information, click here. To file a complaint with the Office of the Nevada Attorney General, click here.
(Photo courtesy of the Las Vegas Metropolitan Police Department)