Deming wealth advisor charged with $ 10 million fraud

0


[ad_1]

LAS CRUCES – A Deming wealth management firm is implicated in allegations of fraudulent security offerings by New York investment manager Martin A. Ruiz.

Ruiz was arrested in New York on August 12 and accused of defrauding more than a dozen of his clients of more than $ 10 million since 2011 through the company Carter Bain Wealth Management in Deming and the investment fund RAM.

Bill Bryford, an investment advisor at Carter Bain’s office in Las Cruces, said his own practice and his clients’ funds were secure, not subject to any legal action and not involved in the Ruiz case.

“We are in the process of contacting all of our clients. Fortunately the only ones that were affected were his clients – none of mine,” Bryford said, adding: “He couldn’t access my clients ‘accounts, he couldn’t’ don’t move money, so it’s okay. ”

Documents filed in court by the Securities and Exchange Commission claim that Carter Bain Wealth Management is registered in New Mexico and Texas and controls approximately $ 61.6 million in assets, over which Ruiz allegedly had discretion.

Following:Las Cruces behavioral health counselor charged with Medicaid fraud and identity theft

Martin Ruiz, a financial adviser, is accused of defrauding more than a dozen of his clients of more than $ 10 million through the Carter Bain Wealth Management firm in Deming and the RAM investment fund.  The Carter Bain building is located at 112 E Maple St. in Deming.

Attempts to reach Deming’s office on Friday were unsuccessful.

Prosecutors allege Ruiz embezzled pension funds by transferring them to other entities under Ruiz’s control and ultimately converting them for personal use, including home purchases in New York and Santa Fe, and debt credit card and student.

Ruiz was charged with a single count of investment advisor fraud, carrying a maximum sentence of five years in prison.

The Securities and Exchange Commission filed a federal complaint and obtained a temporary restraining order and an asset freeze against Ruiz, Carter Bain’s office in Deming and the RAM fund on August 6, under seal until August 12.

The agency claims Ruiz defrauded at least 56 investors, including elderly clients, by telling them the RAM fund would invest their money in business loans and real estate.

“Ruiz covered up hijacking by making Ponzi-type payments to certain investors and providing investors with false valuations regarding their RAM investments,” the SEC complaint alleges.

Following:Longtime New Mexico lawmaker focuses on criminal investigation

He is seeking permanent injunctions and the recovery of the money with interest and civil penalties against Ruiz, his Carter Bain franchise, the RAM fund and other entities under Ruiz’s control.

The lawsuit lists the Rothschild Magnus Fund, ISG Capital and a New Mexico LLC organized by Ruiz, Mister Farms, as defendants for damages, seeking to recover “illegal proceeds” from the alleged fraud.

Algernon D’Ammassa can be reached at 575-541-5451, adammassa@lcsun-news.com Where @AlgernonWrites on Twitter.


[ad_2]

Share.

Comments are closed.