Two men face charges in a scheme targeting Carlsbad investors.
The New Mexico Regulation and Licensing Department has identified them as 68-year-old Mauel Saiz of Arizona and 62-year-old Johnny Saiz of Artesia.
They stand accused of selling unauthorized and fraudulent securities.
The two allegedly told investors in Carlsbad four years ago that they would invest in a lumber company that would import hardwood.
The men apparently used the money instead for personal purposes.