2 Las Vegas-Based Advisors Accused of Fraud

Two Las Vegas-based investment advisory firms and eight affiliated individuals allegedly committed fraud and violated securities laws in connection with two investment companies, according to a lawsuit filed by the Securities and Exchange Commission. Donna L. Snyder and Charles E. Duquette, both of Las Vegas, allegedly misappropriated $1.6 million in investor funds to business expenses and personal use, according to the suit, filed in Los Angeles federal court. The suit said the two ran American Growth Capital, an investment advisor formerly based in Orange County and now based in Las Vegas, which controlled a $7.4-million fund with 300 investors nationwide. The fund was formed to invest in start-up companies. The suit also alleges that Las Vegas-based Growth Capital Resources, which managed $500,000 for 25 investors, was fraudulently operated. Also named in the suit are Emanuel B. Nedwick of West Hills; Jerome L. Glazov Paradise Valley, Ariz.; Christopher A. Paulick of North Hollywood; Hugo V. Cianciulli of Las Vegas; Robert K. Kelly of Las Vegas; and William M. McNary of Henderson, Nev. Attorney Laurie Butler, who represents Growth Capital Resources and Cianciulli said her clients don’t believe they violated the law. Duquette’s attorney, Mark Overland, declined to comment. No other defendants or their attorneys were immediately available for comment.