Vegas man accused of $3 million, illegal bond-selling scam

LAS VEGAS (AP) - The FBI has arrested a 60-year-old Las Vegas man on numerous charges related to an alleged bond-selling scheme that bilked investors out of more than $3 million.

Federal prosecutors say Ronald Gene Morgan pleaded not guilty in federal court in Las Vegas Thursday to 13 counts of wire fraud and criminal forfeiture.

A criminal indictment says he lived in Vegas while operating companies incorporated in Illinois and Florida offering fraudulent bonds and loans that required advance fees from victims as high $780,000.

Prosecutors say he knew his companies, Argent Asset Management and Argent Securities, didn't have the assets necessary to acquire the bonds. He's accused of using the investors' money for his own travel and entertainment.

If convicted, he faces up to 20 years in prison and a $250,000 fine.