NM warns military families about securities fraud
The Associated Press
SANTA FE, N.M. — The New Mexico Securities Division is issuing a warning to military families to prevent them from becoming victims of financial fraud.
The warning came Tuesday from Securities Division Director Alan Wilson. He says military service members and their families are often targeted for their savings and benefits.
The division says it recently issued a cease and desist order against Albuquerque-based Equity Advisors, its owner Sidney Evans, and Voyager Financial Group.
State officials accused Voyager of promoting a scheme where it would illegally purchase veterans' monthly pension and disability payments for a single lump sum that was far less than the future value.
Officials say the pension and disability payments would then be packaged as investments to be sold.
Federal law prohibits the sale or assignment of veterans' benefits.