RIO RANCHO, N.M. (KRQE) - A Rio Rancho business owner is accused of defrauding investors out of tens of thousands of dollars.
On Thursday Russell Dils was indicted on 16 felony charges including securities fraud.
The indictment alleges Dils, the owner of Southwest Machinery and Equipment, sold $125,000 in unregistered promissory notes to five victims.
He wasn't licensed with the state to do that and was facing serious financial problems that he didn't disclose to the investors, according to the indictment.
He was popped after a long investigation by the state securities division during which police say he tried to make a sale to an undercover officer.
Dils previously had run afoul of state securities regulators in Oklahoma, Pennsylvania and South Dakota, according to a statement from the New Mexico Regulation and Licensing Department.
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