A Sandoval County grand jury has indicted four men for racketeering, securities fraud, forgery, conspiracy and other fraud-related charges.
The New Mexico Regulation and Licensing Department, which has been conducting an investigation for months, alleges the multi-million-dollar investment fraud spans 17 states and impacts more than 40 people and companies.
The men are all from out of state and were offering interests in a limited liability company and an investment contract for the development of oil, gas or other mineral rights in a plan to develop coal bed methane wells on the Crow Reservation in Montana.
The investment they were allegedly offering is not registered with state or federal authorities and none of the four men charged are licensed to sell securities in New Mexico. Additionally, they reportedly provided several false or forged documents and fraudulent mineral leases and geologic data, according to state officials. Full post.
