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Rio Rancho man busted for investment scam | News

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Rio Rancho man busted for investment scam
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RIO RANCHO, N.M. (AP) - A Sandoval County grand jury has indicted a Rio Rancho businessman on numerous charges for allegedly stealing $125,000 in an investment scam.

The state Taxation and Revenue Department says Russell Dils faces 16 felony charges that include securities fraud, selling unregistered securities, selling and soliciting to sell unregistered securities without being a licensed broker and racketeering.

Starting in November 2009, Dils allegedly sold unregistered promissory notes to five victims from several different states.

He's also accused of trying to sell a promissory note to an undercover agent.

At the time, he was the owner of Southwest Machinery and Equipment. Authorities say Dils was also ordered by the Pennsylvania Securities Commission to stop offering and selling unregistered securities in 2009 and that he was cautioned by South Dakota and Oklahoma officials to stop offering to sell securities.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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