Nevada Attorney General Adam Paul Laxalt announced that William Gayler, 71, of Las Vegas, pleaded guilty to one count of securities fraud. The fraud was committed in May 2005.
Gayler made fraudulent misrepresentations to investors while selling them a membership interest in a company.
He misrepresented that the company would collect $2.5 million in capital contributions in order to buy a property out of bankruptcy.
Based on these misrepresentations, eight victims, two of whom were elderly, invested in the company, while Gayler converted the funds for his own use. Two of eight victims Gayler entered a guilty plea agreement that requires him to pay back eight victims more than $1.2 million, in addition to $10,000 in fines and $10,000 in investigative costs.
The sentencing hearing for Gayler is scheduled for September 13, 2016 in the Eighth Judicial District Court.