Law360 (August 13, 2021, 5:17 PM EDT) — A New York investment adviser fleeced elderly neighbors in his New Mexico hometown out of more than $8 million in retirement savings using Ponzi-like payments, bogus valuations and a maze of shell companies to cover his tracks, New York prosecutors said Friday.

New York resident Martin A. Ruiz was arrested Thursday and charged with one count of investment adviser fraud, according to authorities.

Prosecutors say he convinced clients, many elderly and living in his hometown of Deming, New Mexico, to buy limited partnership shares of a supposed real estate investment vehicle called the RAM Fund, without telling them he controlled the fund and…

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