Valley couple accused in state securities fraud case

Jace Radke and Cy Ryan

Friday, Sept. 12, 2003 | 11:03 a.m.

A couple accused in an alleged securities fraud scheme that preyed on the elderly is expected to make a first appearance in Clark County Justice Court Monday.

Larry Yanez, 50, and Emily Tanez, 30, face a combined 25 felony counts including securities fraud, transacting business as unlicensed brokers and racketeering.

The charges stem from investment schemes in which the couple allegedly bilked three senior citizens out of more than $175,000, said Francis Arenas, director of enforcement for the Secretary of State's Security Division.

"Currently there are three victims, all of whom lived out of state, but there may be more out there," Arenas said.

Authorities allege that the elderly victims were solicited by telephone between April 2001 and December 2002. The Yanez's were allegedly pitching stock in a medical billing services business, but the criminal complaint says the couple did not conduct any day trading for investors and instead used the victims' money for credit card payments, mortgage payments, church contributions and other personal expenses.

The couple, arrested on Thursday by investigators for the secretary of state's office in Las Vegas, remain in custody at the Clark County Jail pending bail, Arenas said. Bail has been set for $440,000 for Lawrence Yanez and at $60,000 for Emily Yanez.

The pair operated the Nevada Heart and Imaging Center and Creative Business Solutions out of their home. They could not be reached for comment.

Lawrence Yanez is charged with nine counts of securities fraud, three counts of offering and/or selling an unregistered security, nine counts of transacting business as a unlicensed broker-dealer and one count of racketeering. Emily Yanez is charged with two counts of securities fraud and one count of racketeering. Her bail was set at $60,000.

Lawrence Yanez is accused of telling investors he was a successful day trader; he would send his marks periodic bogus account statements to back up his claims. One victim cashed in a $29,000 annuity to invest and then she took out a home loan against her property.

The office said the California Department of Corporations issued a desist and refrain order against Yanez for selling unregistered securities in November 1999.