Las Vegas Sun

March 19, 2024

Las Vegas man charged with wire fraud for fees linked to loans

A Las Vegas man accused of defrauding people out of more than $3 million while falsely promising to help them obtain business loans was arrested Thursday by FBI agents.

Ronald Gene Morgan, 60, was charged with 13 counts of wire fraud and criminal forfeiture and pleaded not guilty before being released today on bond, according to the U.S. Attorney’s Office.

Officials say Morgan told customers he would acquire bank bonds at a discount through the Florida-incorporated company he operated, Argent Securities.

He told customers the bonds would then be sold to investors at face value, and the proceeds would be used to provide loans, the office said.

Morgan is accused of taking advance fees up to $780,000 from customers between March 2009 and April 2011 despite Argent having no assets and acquiring no bonds, the U.S. Attorney’s Office said.

The fees instead covered Morgan’s personal expenses like travel and entertainment and were also used to perpetuate the fraud, officials said.

He allegedly advertised the program by mail, Internet and phone while providing excuses for funding delays.

Officials said he told victims the fees would be held in escrow and would be refunded if loans couldn’t be obtained.

Laura A. Bucheit, special agent in charge of the FBI for Nevada, and U.S. Attorney Daniel G. Bogden announced the arrest as part of the national Financial Fraud Enforcement Task Force’s efforts to prosecute financial crimes.

“The persons who commit these offenses portray themselves as legitimate business persons, when in reality they are nothing more than con artists,” Bogden said in a statement.

Morgan is expected to appear in court March 30 for trial, the U.S. Attorney’s Office said.

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