Nevada
Could new bill help Nevadans targeted by scammers?
LAS VEGAS (KTNV) — Nevada lawmakers are looking at ways to help scam victims across the state.
On Thursday, Secretary of State Francisco Aguilar introduced Senate Bill 76 to the Senate Committee on Judiciary.
If passed by state lawmakers, the bill would create a fund to compensate victims of securities fraud.
You can read the bill below.
According to the FBI, securities fraud includes a wide variety of issues like high yield investment fraud, Ponzi schemes, pyramid schemes, advanced fee schemes, foreign currency fraud, broker embezzlement, hedge fund-related fraud, and late day trading.
Here in Nevada, the Nevada Securities Act and the Nevada Commodities Act are both found in state law and are administered by the Secretary of State’s Office, through the Securities Division.
“One of the responsibilities of the Secretary of State is to ensure that we protect the securities and investment environment in Nevada,” Aguilar told me. “That’s an issue that impacts some of our most vulnerable communities, especially our senior communities. You have individuals who have worked a lifetime building up a nest egg to be able to live in retirement comfortably. They meet scrupulous individuals, bad actors, who built their trust and then start to slowly defraud them in the investment area.”
So what does a typical securities fraud scam look like?
“An individual with a very low net worth or low salary is enticed to invest in a new, local startup with a promise of a high rate of interest as a return. Unfortunately, the offer itself was premised on fake statements or misleading information or missing information,” Deputy Secretary of Securities Erin Houston explained. “And when the investment fails, the individual is completely out of luck in terms of recouping their money.
She added that if the bad actor is charged, the money is usually gone and victims have no way of getting restitution, even if the court orders it.
For example, in Fiscal Year 2023, the division investigated securities fraud from investors totaling over $16 million but investors only received $205,000 in restitution. In Fiscal Year 2024, the division looked into fraud claims of nearly $10 million and investors received just over $1 million in restitution.
Senate Bill 76 would fill that gap to provide restitution to more victims.
How much money could scam victims receive?
Scam victims could receive up to $25,000. This would apply to victims who have been awarded restitution as set forth in NRS 9640.
Aguilar said some people would end up losing more money than that in securities fraud schemes but this would at least help them get back on their feet.
“The main reason we are proposing this legislation is that it provides a way for Nevada residents to obtain desperately needed relief after losing what is often a significant chunk of their savings to someone who has defrauded them,” Aguilar said.
Where would the money for the fund come from?
If passed, a fractional amount of revenue that presently goes to the state general fund would be held for victims of securities fraud.
For now, Aguilar said they would cap the total fund amount at $500,000.
“We understand that revenue is important to the state and we want to support the state and want to make sure we are not diverting too much funding away from the state at large.”
Aguilar also told me they’re also looking at opportunities to take third-party funds to add to the fund.
“Sometimes, when there is mass litigation, they look for places to deposit the proceeds of those funds,” Aguilar explained. “Also, if there’s an individual who’s generous like a JP Morgan Chase, that understand what we’re trying to accomplish, they’d make a contribution to the fund.”
What should securities fraud victims do if they’ve been scammed?
According to Aguilar, it has been challenging getting victims the help they need.
“We find that it’s hard for people to come forward when they’ve been victims of investment fraud. This will hopefully encourage people to bring their case to us because the more information we have, the more evidence we have, the faster we can take these bad actors out of the market,” Aguilar said. “Please call us. Please file a complaint so that we can send our investigators out and hold bad actors accountable.”
Those thoughts were echoed by several AARP officials, who testified in support of the bill.
“Some of them feel like they just get a shrug. Well, there’s nothing we can do. This would address that,” said Jessica Padron, Advocacy Director for AARP Nevada. “Our call to action is that the creation of this fund is not just good policy, it’s the right thing to do and fraud victims should not be left to suffer the consequences of crimes committed against them.”
What was the feedback from lawmakers?
“To be honest with you, I was quite impressed at how empathetic they were to individuals who are victims of investment fraud,” Aguilar told me. “They understood the need for this but also to their willingness to discuss how we fund it.”
The bill is now on its way to the budget committee for further consideration.
What red flags should people look out for and how can they file reports with the Secretary of State’s Office?
- If the deal seems too good to be true, it probably is.
- Call the Secretary of State’s Office to verify that individuals are licensed broker dealer or licensed investment advisors.
You can file a complaint with the Secretary of State’s Office here.
The Secretary of State’s Office also provides a free Nevada Investor Guide, which you can read below.
Texas Longhorns men’s basketball is en route to a near total transformation ahead of next season, starting with the hiring of former Xavier head coach Sean Miller.
The next phase is now developing with the recent opening of the transfer portal, and Texas has already become a possible destination for multiple recruits, with the latest being Nevada transfer Nick Davidson.
According to a report from On3, Davidson has Texas in his top five programs among Clemson, Washington, Virginia and Notre Dame.
Davidson currently sits in the portal as a four-star recruit and the No. 3 ranked center and No. 16 overall player, per On3’s Transfer Portal Industry Ranking. The highly-touted prospect has made a huge jump at Nevada since entering his college career as a three-star recruit and the No. 132 overall player in the class of 2021.
His redshirt junior year at Nevada this past season gave him an extensive resume, as he averaged 15.8 points, 6.5 rebounds, 2.8 assists and 1.2 blocks per game across all 33 contests. The 6-foot-10-inch, 238 pound forward additionally posted 50 percent from field goal range and 37.1 percent from three-point range for the Wolf Pack last season.
It seems that Davidson is looking for a home where his talents will be matched on the court after Nevada missed the NCAA Tournament this year, going 17-16 on the season.
Davidson joins a handful of other prospects that have shown interest in Texas after entering the portal, including two Xavier players who could make the flip alongside their former coach. Combined with the potential return of two key Longhorns, Davidson could easily help Texas reach a new level of success.
The Longhorns have still yet to land a commitment out of the portal in the short time since Miller was hired but Davidson could now be the first.
The son of a former Nevada State senator was murdered in a shooting at a Las Vegas-area casino before the alleged teen killer carjacked several drivers and led police on a chase through the streets of Sin City.
Na’Onche Osborne, 23, was mortally wounded inside a garage at the Aliante Casino & Hotel in North Las Vegas, 18 miles north of the famed Las Vegas Strip, early Thursday.
Osborne, the adopted son of former Democrat Senator Pat Spearman, died from multiple gunshot wounds, the Clark County Coroner’s Office announced Saturday, according to KTNV.
“It is with profound sadness that we share the news of the passing of Senator Spearman’s beloved son. This is an unimaginable loss for the Senator and their family, and they are heartbroken,” Spearman’s family said in a statement to the outlet.
“During this difficult time, the Senator and their family ask for privacy as they grieve and support one another. They are deeply grateful for the outpouring of love, prayers, and condolences from friends, colleagues, and the community.”
The suspected killer, identified as Aerion Warmsley, fled the resort before he crashed his car near Interstate 15 and Spring Mountain Road, close to Trump International Hotel Las Vegas.
The 19-year-old allegedly carjacked three vehicles on the roadway and led police on a chase around the city, reaching speeds up to 105 mph, the outlet reported.
During the chase, Warmsley crashed into a bus stop, critically injuring a mother of four.
He also allegedly struck at least one other pedestrian during the crash.
Warmsley was arrested and charged with felony murder with a deadly weapon and robbery, according to court records viewed by The Post.
He is being held at the North Las Vegas Community Correction Center, jail records show.
Police did not provide a motive behind the deadly shooting.
North Las Vegas Mayor Pamela Goynes-Brown gave her annual State of the City address at the Aliante hours after the murder.
Spearman was defeated by Goynes-Brown during the 2022 mayoral race despite being endorsed by former Vice President Kamala Harris.
The 70-year-old former politician says she adopted Osborne as a teen to “show him a better life.”
“I knew raising him would be a challenge because he was a child who had witnessed violence early in his life, and he would need a strong, loving and supportive home to grow up in,” Spearman said in 2022 after Osborne shot her nephew during a dispute inside the senator’s home.
Osborne shot and wounded his cousin after being confronted for blowing marijuana smoke into the face of a child, the Las Vegas Review-Journal reported.
The then-21-year-old was charged with attempted murder and battery in the shooting of his cousin.
He pleaded guilty to battery with a deadly weapon and carrying a concealed weapon, court records indicate.
Spearman says she was left “rattled to the core” by the shooting.
“Na’Onche made a very poor decision and he’ll have to face the consequences,” Spearman told reporters during the height of her failed mayoral campaign. “As a mother, I support the justice system and my son. It is with a heavy heart that my family is impacted by gun violence.”
Spearman was first elected to the state senate in 2012, successfully running for reelection twice before she reached her term limit in February.
In her final term, which began on Feb. 6, 2023, Spearman served as the president pro tempore of the legislative body.
She ran a failed campaign for a US Congress seat in 2020.
Spearman served 29 years in the Military Police Corps of the US Army, retiring in 2007 as a lieutenant colonel.
With Post wires
Prediction market Kalshi filed a lawsuit against the Nevada Gaming Control Board and the New Jersey Division of Gaming Enforcement after both state regulators sent cease and desist orders for the firm to pause all sports-related contracts in the states.
Kalshi’s legal team argued that the contracts fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC) and, therefore, cannot be regulated by state-level authorities.
The team also contends that the cease and desist orders fail to recognize that Kalshi’s event contracts are two-sided markets that trade as swaps as opposed to the sports-betting book model where the house controls the market. Kalshi co-founder Tarek Mansour said:
“Prediction markets are a critical innovation of the 21st century, and like all innovations, they are initially misunderstood. We are proud to be the company that has pioneered this technology and stand ready to defend it once again in a court of law.”
Additionally, the Nevada Gaming Control Board sent Kalshi a cease and desist order for its election contracts, which a United States judge ruled were legal in September 2024 — allowing the contracts to trade freely in the US.
Kalshi lawsuit against Nevada Gaming Control Board. Source: Kalshi
Massachusetts subpoenas Robinhood over sports prediction markets
CFTC commits to ending regulation by enforcement
On Feb. 4, acting CFTC director Caroline Pham issued a notice signaling a major regulatory pivot at the CFTC and ending regulation through enforcement actions, choosing to focus on fraud instead.
“The CFTC is strengthening its enforcement program to focus on victims of fraud, as well as remaining vigilant for other violations of law,” Pham said
This major change at the CFTC was welcomed by industry firms as a breath of fresh air following a torrent of regulatory lawsuits and enforcement actions under the Biden administration.
The regulator also initiated a probe into Super Bowl event contracts offered by Kalshi and Crypto.Com on the same day the notice was sent out.
The goal of the CFTC’s probe was to ensure that the Super Bowl event contracts complied with existing derivatives laws in the US, and the CFTC ultimately took no action to ban the contracts.
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