Nevada Life Coach Arrested for Defrauding Investors in Alleged Ponzi Scheme

07:36
09 May

A Las Vegas-based life coach has been arrested for operating an alleged Ponzi scheme, scamming investors out of millions of dollars to feed his gambling habit. Rodney Buckle, 65, is accused of defrauding investors by guaranteeing large returns on investments which were never delivered. Also, Buckle never held any relevant federal or state licenses to operate this type of business.

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Busted

In 2021, Buckle's co-defendant and girlfriend, Warisra Stevens, was sentenced to 19 months in prison after pleading guilty to theft, conspiracy, and securities fraud charges. State investigators discovered that Buckle had promised significant returns from investments and some investors contributed up to $700,000 after Buckle promised a 50% ROI.

The scheme was uncovered when a couple complained to Nevada state authorities after never receiving their guaranteed return on investment. Investigators also discovered that Buckle had a Securities and Exchange Commission (SEC) judgment against him from 1999 that resulted in a $3million fine.

Stevens told investigators that Buckle used to take at least $25,000 out of the business every week to gamble with and spend on personal gifts. She also admitted that the business plan was just a Ponzi scheme to allow Buckle to gamble between $5,000 and $20,000 each day.

Investigators discovered that Buckle had wager as much as $2.4m at the Westgate Hotel and Casino sportsbook before getting banned. He also lost bets totalling $434,000 at the South Point casino.