Man Alleged to Steal $1 Million+ From 8 Victims - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Man Alleged to Steal $1 Million+ From 8 Victims

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Jack Schwartz Jack Schwartz
Kellene Stockwell
Channel 2 News

Authorities have arrested a Washoe County man they say stole more than $1 million from eight people. 

Investigators with Secretary of State Ross Miller's Securities Division arrested 67-year-old Jack Schwartz on June 3 on five felony counts of securities fraud and ten felony counts of theft.

Investigators say Schwartz approached his alleged victims with offers of 20% interest returned on their money invested in a number of ventures, including companies Schwartz controlled and other businesses which had signed agreements with Schwartz allowing him to raise capital on their behalf. Investigators say Schwartz then deposited the investments into his own companies' accounts, but used it for non-business expenses like mortgage and credit card payments and deposits into his ex-wife's account.

Investigators say investments made by the eight victims ranged from $30,000 to $200,000.

"It appears that some of the alleged victims who talked to my investigators had some suspicions at some point about the validity of the securities offerings," Secretary Miller said about the case. "I encourage anyone who has any second thoughts about an investment they've made to contact my office right away in an effort to protect themselves and other potential investors."

Authorities say Schwartz controlled the following companies.

    1. Sierra High Technology Ventures, LLC  
    2. Tahoe Venture Partners, LLC  
    3. Tahoe Venture Fund, L.P.  
    4. Tahoe Blue Productions, L.P.  

Authorities say Schwartz had written agreements to raise capital with Orthogene, LLC and Barricade International, Inc, neither of which is implicated in this case.

The Nevada Attorney General's office has filed a criminal complaint against Schwartz in Reno Justice Court.

If you had any contact with Schwartz, you are asked to call Secretary of State's Securities Division at 1-800-758-6440.

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