Las Vegas man accused of stealing millions in Ponzi scheme to fund gambling habit: police
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LAS VEGAS (KLAS) — A man allegedly stole millions of dollars from investors, who believed they were funding a luxury watch resell operation, as part of a Ponzi scheme to fund his gambling habit, police write in documents the 8 News Now Investigators obtained.
Nicholas Trimble faces 17 felonies, including several counts of theft with a value of $100,000 or greater, records said. The amount of money stolen totals more than $3 million, according to documents.
Last September, multiple victims came forward to Las Vegas Metro police alleging investment fraud. Trimble reportedly “described his business to [one person] as the buying and selling of high-end luxury watches,” documents said.
Investors would give Trimble money “to buy the watches and send them in for watch certification,” documents said. “Upon certification, Trimble would resell the watch at a higher cost than purchased, gaining profit.”
An investor later demanded all her money back after hearing “rumors Trimble was gambling with her investment money,” police said. “[The investor] stated after confronting Trimble multiple times, he admitted to her and [another person] he had spent all the money stating, ‘It is all gone,’” police said.
A second victim told police they estimated to have lost $800,000 in cash and watches, documents said. One person’s financial loss was $1.5 million, according to police.
At least one watch was fake, police said.
In 2017, Trimble formed a company in Colorado called Cherry Creek Capital, LLC, police said. The company went into default in 2018 and then again in 2022, police said, citing state records. In June 2023, “Trimble filed the required report, curing this delinquency,” police said.
An analyst found Trimble withdrew cash several times at Las Vegas casinos, documents said, including nearly $50,000 at the Wynn Las Vegas, and $400,000 to Red Rock Casino Resort & Spa. Police also said Trimble used the money “to pay personal living expenses, including [for] restaurants, bars, retail purchases and travel expenses.”
Police said Trimble returned some of the money through the alleged Ponzi scheme, but that the money came from other investors, documents said.
“Although Trimble did purchase several watches from local pawn and gold stores, the payments to and from these stores totaled only a small amount in comparison to the funds provided for this purpose,” police said.
Metro police arrested Trimble on Jan. 23 during a traffic stop near Durango Drive and Sunset Road. Before his arrest, Judge Harmony Letizia granted him an own recognizance release, meaning he would be booked into the Clark County Detention Center but not jailed.
Records show Trimble was booked and released with a requirement to check on via a mobile app.
An attorney for Trimble was not listed in his court docket as of Monday.
