Fake radio station 'pyramid scheme' fraudsters found guilty
LAS CRUCES - Two men defrauded investors out of millions of dollars a jury ruled Friday after a week-long trial in Third Judicial District Court.
Dain Leslie Schult, 65, and Joel Hixon, 69, were convicted of fraud over $20,000, securities fraud, conspiracy to commit fraud, the sale of unregistered security and the sale of security by an unlicensed agent.
After the verdict was read, the two were taken into custody and transferred to Los Lunas for a 60-day psychiatric evaluation. The two will be sentenced in Doña Ana County at a later date.
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"All told from 1998 to present, we estimate Schult earned $1.4 million strictly from convincing people to give it to him," he said
Read more: https://www.lcsun-news.com/story/news/2019/07/02/radio-pyramid-scheme-fraud/1618905001/
(Las Cruces Sun-News)
