NEW MEXICO (KRQE) – John Lopez, 73, accused in a fraud scheme was convicted in federal court on Friday. According to investigators, Lopez claimed that he had developed an algorithm and promised annual returns of 10%-19% from stocks and bonds.
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Lopez was given roughly $19.4 million from clients and used $13.3 million of that to buy precious metals and then used another $6.1 million which he claimed was investment gains. He also gave his clients fake account statements that showed their investments had grown.
Government officials said the asset’s value was less than $15 million despite his claim that client accounts were worth roughly $39 million. They said he continued to try and get new clients despite his assets being seized.
Prosecutors said many of his clients were from northern New Mexico. Lopez faces up to 20 years in prison.
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