- Associated Press - Thursday, November 26, 2015

HOBBS, N.M. (AP) - A Hobbs man could face up to 18 years in prison for running a Ponzi scheme.

State officials announced this week that 40-year-old Hector Vega pleaded guilty to securities fraud and money laundering charges in state district court. He has yet to be sentenced.

Authorities accused him of using a Ponzi scheme to obtain investments from business owners, friends and acquaintances to promote music concerts.

An investigation revealed that Vega made misstatements and omissions of material fact in the offer and sale of the investments, which promised to pay high interest rates.

The case was investigated by Hobbs police with help from the Regulation and Licensing Department’s Securities Division.

State Regulation and Licensing Superintendent Mike Unthank is warning New Mexicans to be cautious of investors offering unreasonably high interest rates.

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