Management

Deming prosperity administration advisor accused of $10 million fraud

LAS CRUCES – A wealth management firm in Deming is embroiled in allegations of fraudulent securities choices by financial investment supervisor Martin A. Ruiz of New York.

Ruiz was arrested in New York on Aug. 12 and accused of defrauding about a dozen of his customers of extra than $10 million because 2011 by means of the Carter Bain Wealth Management agency in Deming and the RAM expense fund. 

Invoice Bryford, the expense advisor at the Carter Bain workplace in Las Cruces, claimed his very own practice and his clients’ funds were safe, not topic to any legal action and not concerned in the Ruiz case.

“We are in the process of getting in contact with all of our customers. Fortuitously, the only kinds that were impacted have been his customers — none of mine,” Bryford claimed, adding: “He couldn’t get into my clients’ accounts, he could not go any funds close to, so we are good.” 

Court docket filings by the Securities and Trade Fee claim that Carter Bain Wealth Management is registered in New Mexico and Texas, and controls around $61.6 million in property, above which Ruiz would have experienced discretionary authority. 

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Martin Ruiz, a financial advisor, is accused of defrauding over 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 at 112 E Maple St. in Deming.

Tries to achieve the Deming office environment Friday have been unsuccessful.

Prosecutors allege Ruiz misappropriated retirement money by transferring them to other entities underneath Ruiz’s command and finally converting them for personalized use, which include property purchases in New York and Santa Fe, and credit rating card and university student debts.

Ruiz has been billed with a one depend of financial investment adviser fraud, which carries a maximum penalty of five years’ imprisonment.