October 23, 2014
LAS VEGAS (AP) - A developer faces up to 20 years in prison for misusing funds that he was supposed to invest in a commercial real estate project in Las Vegas.
Federal prosecutors say 44-year-old Jean Marc El Jwaidi pleaded guilty Friday to wire fraud. They say El Jwaidi spent investors' funds on himself rather than investing them in real estate projects.
The commercial real estate projects included one at the intersection of Interstate 215 and Russell Road in Las Vegas.
Prosecutors say El Jwaidi knew the project couldn't be completed but he continued to entice people to invest in the development. Investors lost some $1.8 million.
El Jwaidi worked for shopping mall developer Triple Five Development.
He faces a fine of up to $250,000 in addition to the prison time.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.