Brothers to be Tried Together for Securities Fraud

Two New Mexico brothers — Juan Saiz, 62, of Artesia, NM and Manuel Saiz, 68, of Tucson, AZ — will be tried together after a court in Carlsbad, NM, ordered that their securities fraud cases be consolidated.

The Saiz brothers are accused of defrauding an elderly New Mexico couple in 2011 by selling them shares in a sham company. The brothers have been charged with fraud, securities fraud, criminal solicitation to commit or sell unregistered securities and sale of a security by an unlicensed agent.

According to the New Mexico Regulation and Licensing Department, the couple gave more than $15,000 to the Saiz brothers to invest in a company — Dusais Enterprises LLC — that they believed would be used to import hardwood from Nicaragua to the U.S.

The company is registered in the name of Juan Saiz, a former assistant superintendent at the Artesia Municipal School District. Court documents show that Juan Saiz allegedly sold the securities from his school district offices.

According to the complaint, several thousand dollars of the money collected from the couple was deposited in the company’s bank accounts and then transferred to the personal account of Manuel Saiz. The complaint alleges that Manuel Saiz then used the funds to pay rent and personal debts.

The couple was allegedly told that they could purchase additional shares in a year, or receive a full refund of their original investments, plus interest. When the couple became unable to reach Manuel Saiz, they complained to the state Regulation and Licensing Department, which investigated the matter and brought the complaint.

Whether you are facing a serious federal white-collar prosecution, a state murder charge, or misdemeanor charges, The Cogdell Law Firm has the experience, knowledge and reputation you want for your legal team. When results matter most, contact Dan Cogdell at (713) 426-2244 or dan@cogdell-law.com.

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