2 men face fraud, theft charges in investment scheme

Two men face 20 felony counts after being accused of running a scam that duped people into investing thousands of dollars by falsely promising them a return on their investments, state officials said.

Cameron Adair, 77, and Ross Hanna, 54, face multiple counts of securities fraud, theft, theft of an older person, and fraud or deceit in the course of an enterprise or occupation, court records show.

Adair’s attorney Nicholas Wooldridge, said Adair has had an exemplary record in business and has never had any problems. He said the allegations came from people who had been in business with him, and that the business ended up not being successful and things were blown out of proportion.

Hanna’s attorney could not be reached for comment.

An investigator with the Nevada secretary of state’s office wrote in an arrest warrant released Wednesday that the investigation into Adair and Hanna started in August 2020.

A person reported that Adair had committed fraud by persuading the person to invest in a limited liability corporation that would be used for operational expenses that would turn the business into national franchises. The investor then was expecting to receive monthly interest payments and a repayment on the investment, according to the warrant.

After the first person came forward, eight other people filed complaints that told a similar story. The investors were recruited through assurances that the investment normally went to friends and family and that investors would receive a 12 percent return on their investment, according to the warrant.

Adair and Ross began reaching out to investors in 2017, and multiple people said they invested $50,000 via a promissory note. Some were persuaded to invest more money after an initial investment. Investors were told that instead of being paid back, their money would go toward buying shares in a new company, according to the warrant.

Investigators found that a portion of the money was spent on business expenses but that “the vast majority of invested money was spent on their own pay and personal expenses such as credit card payments and vacation flights,” according to the warrant.

Both men are due in court on Nov. 29 and have been released on their own recognizance.

Contact David Wilson at dwilson@reviewjournal.com. Follow @davidwilson_RJ on Twitter.