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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Securities Attorney at Sallah Astarita & Cox | 212-509-6544 | | Website | + posts

Mark Astarita is a nationally recognized securities attorney, who represents investors, financial professionals and firms in securities litigation, arbitration and regulatory matters, including SEC and FINRA investigations and enforcement proceedings.

He is a partner in the national securities law firm Sallah Astarita & Cox, LLC, and the founder of The Securities Law Home Page -, which was one of the first legal topic sites on the Internet. It went online in 1995 and is updated daily with news, commentary and securities law related links.

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