Santa Fe – An unregistered Santa Fe investment adviser dubbed a “mini-Madoff” was ordered to pay nearly $10.4 million in restitution and penalties after engaging in a Ponzi scheme for 20 years involving 45 investors across the country.

A federal judge issued a consent order April 7 for a permanent injunction against Douglas Lien, 79, after the Securities Division of the New Mexico Regulation and Licensing Department issued a cease-and-desist order against Lien.

Among the victims were three women in Santa Fe, including Randa Phillips, 71, who approached the Securities Division in May 2019 with her complaint against Lien.

The Securities Division forwarded the case to the Commodity Futures Trading Commission, which prosecuted Lien in U.S. District Court.

As part of the consent order, Lien is prohibited from making commodity futures transactions, providing investment advice in New Mexico, or soliciting or accepting funds to invest on behalf of…

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