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Advisor Charged With Targeting Elderly Clients In $8M Fraud

An investment advisor based in New York and Santa Fe, N.M., has been charged with swindling dozens of clients out of more than $8 million by recommending investments in a fund he controlled and then transferring the assets out to pay for personal expenses.

The U.S. Attorney’s Office for the Southern District of New York said Martin Adrian Ruiz, 45, of Carter Bain Wealth Management targeted elderly clients, promising them safe investments. In fact, the attorneys said, he “stole clients’ retirement savings and lined his own pockets” by inducing them to invest in a vehicle called the “Ram Fund,” whose purpose was supposedly to invest in real estate and commercial loans.

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