Feb
28
Prominent Pahrump developer Hans Seibt is being investigated for criminal charges in connection with his bankruptcy filing, an investigator confirmed this week.
“In a way it’s a Ponzi-like scheme. We’re not sure,” said Bill Holland, a former Las Vegas Metro detective hired by the bankruptcy court to do forensic accounting.
“We have only preliminary evidence he received an awful lot of money that was supposed to be promised to certain property endeavors, which turned out probably were not,” Holland said.
A Ponzi scheme is a situtation in which investors are paid by future investors.
Seibt sent letters to his clients Aug. 30 informing them he would be filing for Chapter 7 bankruptcy protection. The filing was blamed on the dramatic downturn in the U.S. housing market presenting severe liquidity challenges in the credit and mortgage markets, diminished consumer confidence, increased home inventories and foreclosures and downward pressure on home prices.
Numerous investors, including many in Pahrump, are fearful they will lose their life savings through the bankruptcy.
Source: Pahrump Valley Times
