SANTA FE -- The New Mexico Regulation and Licensing Departments Securities Division is warning military members and their families to protect themselves against investment fraud during the Military Saves Week.
"Military members and their families are often targeted for their hard-earned savings and ties to the military community," said Alan R. Wilson, Director of the Securities Division. "The Securities Division offers resources for military service members to help make them less susceptible to fraud."
As a recent example of schemes against the military community, the Securities Division recently issued a cease and desist order against Albuquerque-based Equity Advisors, its owner Sidney Evans, and Voyager Financial Group. Voyager promoted a scheme where it would illegally purchase veterans monthly pension and disability payments for a single lump sum payment that was far less than the future value, and then packaged them as investments to be sold to gullible investors. Federal law prohibits the sale or the assignment of veterans benefits.
"The victims of this scheme are both New Mexico investors and our veterans, but because our veterans often have stressful circumstances, or disabilities, we feel strongly about protecting them," Wilson stated.
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