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LAS VEGAS (AP) — The Justice Department has charged a Las Vegas man with fraud for taking more than $3 million in fees from clients promised business loans that didn't materialize.
The U.S. Attorney in Nevada announced Friday it charged Ronald Gene Morgan with 13 counts of wire fraud.
Morgan pleaded not guilty and was released on bond.
The indictment says the 60-year-old operated businesses registered in Illinois and Florida called Argent Asset Management and Argent Securities offerings loans to clients from 2009 to 2011.
The indictment says Morgan accepted fees from clients telling them he would buy bank-issued bonds at a discount using his company's assets and resell them for a profit to fund the loans even though his company had no assets and there were no bonds.
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