Ponzi suspect Vaughan seeks court delay

ALBUQUERQUE (KRQE) - Indicted real estate tycoon Doug Vaughan is asking that all the civil proceedings against him including his bankruptcy be put on hold.

Vaughn faces dozens of federal criminal charges for an alleged Ponzi scheme that cost investors $75 million.

His lawyer wants to be sure Vaughan gets the 90 boxes of evidence prosecutors have gathered before attorneys in the civil cases do.

But Vaughan's lawyer says they've only been able to copy 10 boxes, so they have asked a judge to suspend all the civil proceedings.

In addition to filing personal and corporate bankruptcy, Vaughan faces a civil complaint from the Securities and Exchange Commission alleged he sold unregistered securities in a "classic" Ponzi scheme.

Vaughan is accused of soliciting investments for real estate projects but converting most of the money to his own use. Part of the money was used to pay dividends to early investors as purported proceeds from the nonexistent investments, according to the SEC.