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November 29, 2009

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LV man arrested on securities fraud charge

Thursday, Sept. 28, 2000 | 11:17 a.m.

A Las Vegas man was arrested Wednesday on a variety of securities-related felony fraud charges.

Nathan Torosian, also known as Nichan Torosian and Nishan Torosian, was charged with security fraud, selling unregistered securities, doing business without a license, racketeering, and crimes against a person 65 or older. He was booked into the Clark County Detention Center.

Prosecutors in the Attorney General's office say Torosian told investors that their money would be used in real estate ventures or to buy medical equipment that would be leased to doctors or dentists. Investors were promised a 7 percent to 11 percent return, possibly more, on the investment.

A complaint filed by four investors claims that they lost more than $300,000. The money was used to pay interest and return on previous investments and to pay a portion of a settlement from a 1996 California civil suit for breach of contract or fraud, prosecutors allege.

Attempts to determine if Torosian has a lawyer to comment on his behalf were unsuccessful.

Richard Wagner, Torosian's partner, turned himself into Metro Police last week, the attorney general's office said.

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