Jeffrey B. Bland, a businessman from Albuquerque, New Mexico, was indicted last week on felony charges for allegedly stealing $229,000 from an elderly Alamogordo, New Mexico investor. An Otero County, New Mexico grand jury returned the criminal indictment containing eight felony charges, including securities fraud, sale of an unregistered security, and sale of a security by an unregistered agent and fraud.

New Mexico Regulation and Licensing Superintendent Mike Unthank worries about frauds such as these, stating “Financial fraud against our elderly is heartbreaking because in most cases the victims have lost their entire retirement savings and are left in financial ruins.”

Last May, the New Mexico Securities Division got a complaint from the elderly investor, who had invested $229,000 with Bland in a promissory note issued by a property management firm.

The grand jury indictment alleges that Bland only made two of the payments he represented he would make and converted a large portion of the remaining funds for his personal use.

Bland is further accused of failing to inform the investor that in 2006 he sold promissory notes to investors around Albuquerque and failed to pay any of the represented interest.

If you or someone you know has lost money as a result of an investment or Ponzi scheme, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.