Here we go again, real estate scams are abound and we must be alert. Now it has been reported that a New Mexico real estate broker was charged by a Federal Grand Jury with leading a Ponzi Scheme related to promissory notes. These promissory notes were marketed as a way of investing in his real estate business. He was running these scheme from 2005 to 2010, according to the indictment in Albuquerque. The sad news is that approximately 600 investors had money in the program when the scheme collapsed last year, as reported by prosecutors.
The real estate broker was charged with three counts of wire fraud, 17 counts of mail fraud, five counts of money laundering and four counts of false writing and documents. He faces as many as 20 years in prison on each fraud count, 10 years for each money laundering count and five years for each false writing charge.
The case is U.S. vs. Vaughan, 11-cr-404, U.S. District Court for the District of New Mexico (Albuquerque).
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