See article below from the June 23, 2009 edition of the Las Vegas Sun for a related story.
Tue, Jun 23, 2009 (1:47 p.m.)
Jean Marc Eljwaidi
State security officers served a search warrant today at the office of a man charged with senior exploitation, as more victims continue to come forward in an investigation of a real estate scam.
Five more potential victims of Jamal Eljawaidi, also known as Jean Marc, came forward after Secretary of State Ross Miller issued an arrest warrant for him last week. Eljawaidi is still at large, Miller said.
Eljawaidi initially was sought for elder exploitation in December 2004, said Miller. The recent victims say they fell for investments with the real estate developer from 2005 through 2008.
In one case Eljwaidi took $400,000 from a 67-year-old man, who has been diagnosed with several mentally incapacitating conditions. Investigators said that Eljwaidi told the man he would be an equal partner in a commercial real estate venture.
Instead, Eljwaidi used up to $600,000, including the man's money, to live a lavish lifestyle while leaving the elderly man destitute.
Investigators said Eljwaidi and his employees called potential investors to offer them high interest payments if they would invest in short-term loans in a shopping center project on 9.23 acres of land near Russell Road and the 215 Beltway in the southwest Las Vegas Valley, Miller said.
The shopping center, hotel, theater and restaurant complex was supposed to be completed in October 2009, but so far it is an empty desert lot, Miller said. It is next to Eljwaidi's office, he said.
With evidence gathered by investigators with the search warrant, Eljwaidi could face new charges including securities fraud, sale of unregistered securities, obtaining money under false pretenses and racketeering, Miller said.
Eljwaidi's attorney, Steve Wolfson, also a Las Vegas City councilman, said in Justice Court recently that his client was out of the country. However, the Nevada Attorney General's Office said it has information that he is in the United States.
Anyone who knows where to find Eljwaidi or who invested with him or his companies, Babuski LLC and JKG Development, or anyone who believes they may have been a victim, is asked to call the Secretary of State's Office in Las Vegas at 486-2440, or (775) 688-1855 in Carson City.