Vegas ‘life coach’ accused of running Ponzi scheme to fund gambling addiction
A Las Vegas, Nevada male is accused of running a Ponzi scheme the place, in its place of investing revenue in the inventory sector, he wagered thousands and thousands of pounds at casinos, investing tens of thousands of dollars a working day.
On Dec. 13, Las Vegas Metro law enforcement arrested Rodney Buckle, 65, on a warrant for quite a few fraud-similar fees, including securities fraud and theft, documents confirmed.
Buckle’s codefendant, Warisra Stevens, pleaded responsible past 12 months to securities fraud and theft conspiracy fees, records confirmed. A choose sentenced Stevens to a least of 19 months in prison.
Buckle, who ran firms called “Rodd United, “Rodd U,” and “Rodd One particular,” referred to as himself a “life coach and money advisor,” investigators with the Nevada Secretary of State’s Office environment wrote in documents the KLAS-Tv set investigators obtained. He was not certified with the condition or federal authorities, investigators stated.
The business enterprise was situated in close proximity to Flamingo Highway and Arville Street, files explained. An on-line posting about the business, acknowledged in the publish as Rodd College, claimed “Rodd College is a membership-based social club furnishing a system for study and speaking about topics ranging from current occasions to the inventory marketplace.”
“Buckle offered steering and suggestions on [stock accounts], other stock investments and sporting activities betting,” investigators mentioned. “Buckle guaranteed investors weekly return on shares and sports activities betting ranging from a 1{35112b74ca1a6bc4decb6697edde3f9edcc1b44915f2ccb9995df8df6b4364bc} return to 52{35112b74ca1a6bc4decb6697edde3f9edcc1b44915f2ccb9995df8df6b4364bc}.”
At very first, Buckle took dollars from buyers with checks. He then switched to a hard cash-only model, investigators claimed.
“Investors mentioned that Buckle showed them a spreadsheet on his computer system listing their identify, and the amount of money they invested with him,” investigators mentioned, “The financial investment quantities ranged from anything at all to $100 to about $700,000.”
Point out investigators said Buckle then informed his traders he wanted much more income “to develop a ‘waterfall’ impact in purchase to generate ‘new’ cash for investments,” they wrote in courtroom files. Buyers took out financial loans, refinanced their residences and opened up credit score cards in buy to pay back Buckle with the belief that they would receive their certain returns.”
The investigator said she started off her investigation when a couple complained to the point out that they experienced not acquired a return on their investment. In 2015, Buckle promised the pair a 50{35112b74ca1a6bc4decb6697edde3f9edcc1b44915f2ccb9995df8df6b4364bc} return on “bets he would area on their behalf,” the investigators claimed.
In 2017, immediately after expending tens of 1000’s of bucks, the pair requested Buckle for some of the income back owing to a modern cancer diagnosis and other payments, the investigators mentioned.
The pair also discovered the Securities and Trade Commission had issued a judgment from Buckle in 1999, purchasing him to pay back $3 million in restitution. The submitting promises Buckle “had marketed around $3 million value of unregistered securities even though making false and deceptive representations to traders.”
The SEC filing consists of a corporation called Maven Enterprises, files mentioned. Officers with the SEC wrote in files that Buckle lived in Las Vegas and “claims to be a professional gambler.”
Stevens, determined in paperwork as Buckle’s girlfriend, told investigators Buckle took out virtually $25,000 every single week “for own use and gambling,” paperwork claimed. “Stevens mentioned that Buckle funded her way of living and compensated her charges. Stevens mentioned that the total business was a Ponzi plan.”
Stevens told investigators she believed the cash was applied to fund Buckle’s gambling habit, investigators stated. A different individual instructed investigators Buckle “would gamble wherever from $5,000 to $20,000 on a everyday basis.”
Investigators later on identified Buckle placed $2.4 million worth of wagers at the sports activities book at the Westgate Hotel and Casino exactly where he misplaced $76,000. The on line casino inevitably banned Buckle, investigators claimed.
Buckle also experienced wagered $440,000 at the South Point on line casino and shed $434,000, investigators reported.
In 2017, state investigators raided Buckle’s home, seizing electronics and gaming tickets, among other merchandise. A warrant for Buckle’s and Stevens’ arrest was issued in December 2019. It was unclear what led up to the 3-yr lag for the arrest, though it appeared that Buckle self-surrendered.
A choose purchased Buckle held without having bail. He was owing in court in January.