Securities Fraud Lawyer Blog
A Clark County, Nevada judge awarded an investor $153,295 in a judgment against life coach and entrepreneur Dustin Aab on September 14, 2023.
Mr. Aab, who goes by the moniker “Dustin da Closa” on Instagram, touts himself as a wealthy entrepreneur, and his social media is replete with pictures of fancy cars, private jets and bundles of cash.
Despite these trappings of millennial luxury, he was unable to repay the Plaintiff a $65,000 loan she made to him earlier this year.
Dustin Aab built a social media presence touting his success, and offering career and investment advice to people looking to invest in an economy flush with cash from loose federal reserve policy. He offered the Plaintiff a short term opportunity; loan him and his company Crashem Enterprises $65,000 for two weeks, and he would repay the principal, plus a $50,000 bonus. It was apparently lost on Dustin Aab that paying an investor 2,000% annual interest was not a good business decision.
Mr. Aab defaulted on the loan, and the Plaintiff filed suit in the Eighth Judicial District Court in Las Vegas. Mr. Aab was served with the summons and complaint, and despite repeated promises to resolve the matter, he failed to respond, and failed to repay the Plaintiff. As a result, a motion for default judgment was set for September 13 before Judge Maria Gall in Dept. 9 of the District Court.
After receiving testimony and evidence from the Plaintiff, Judge Gall issued judgment to Plaintiff in the amount of $153,295 including $38,295 in attorneys’ fees.
Investors should be mindful that on social media self-described “entrepreneurs” and “life coaches” are often unregistered and unlicensed, raising the risk of doing business with them. Members of the public can check the licensing status of the individuals and entities they invest with at brokercheck, a website run by FINRA. An individual like Dustin Aab, using an Instagram moniker like “Dustin da Closa” would face scrutiny from a registered broker dealer or investment advisor, which rarely permit licensed agents to use personal social media websites to interact with clients.
The Law Office of Davd Liebrader represents investors in claims against their financial advisors. Over the past 30 years we have recovered over $75 million in judgments, awards and settlement for victims of investment fraud.