Investment scheme suspect pays $200,000, gets passport

A Las Vegas man accused of swindling elderly residents in a real estate investment scheme handed over a $200,000 check and was given back his passport Thursday.

Jamal Eljwaidi's lawyer even announced when his client would leave the country. He plans on flying to France Saturday on a business trip and returning Aug. 23.

Las Vegas Justice of the Peace Joe Sciscento ordered last week that Eljwaidi's bail be increased from $30,000 to $2 million.

To post bond, Eljwaidi had to put up $200,000.

Nevada Deputy Attorney General David Rickert again objected to returning the passport, saying the state doesn't believe Eljwaidi will return from the trip. Prosecutors expressed concern that forfeiting a $200,000 bond wouldn't stop Eljwaidi from fleeing.

While Eljwaidi's citizenship has not been determined, it is believed he has family in Lebanon, according to a spokeswoman for the secretary of state's office, which initiated the investigation.

Sciscento said the state has made allegations that Eljwaidi has netted millions of dollars from the scheme, but they have yet to show any new proof. Rickert said it was still early in the investigation.

Eljwaidi, who authorities said also uses the alias Jean Marc, faces six counts of elder exploitation based on allegations that he defrauded local residents of at least $600,000, including $400,000 from one Las Vegas resident with diminished mental capacity.

Authorities have said they have confirmed at least five victims.

Investigators accuse Eljwaidi of a fraud scheme that offered high-interest payments for investments in his projects, including a shopping center next to his offices at 8820 Russell Road, near the Las Vegas Beltway.

Sciscento ordered Eljwaidi to appear in court Oct. 16 for a preliminary hearing.

Contact reporter Francis McCabe at fmccabe @reviewjournal.com or 702-380-1039.