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SANTA FE — A Los Alamos man was found liable Wednesday for “peddling promissory notes as investments in a very risky and illegal scheme” that cost at least 10 mostly elderly Los Alamos residents nearly $170,000, state officials said.
Jerome “Jerry” Beery, 81, of 566 Navajo, was ordered to pay a $5,000 fine and $1,000 in expenses following a ruling by Alan Wilson, securities division director of the New Mexico Regulation and Licensing Department, during an administrative hearing in Santa Fe.
Beery’s victims, however, will have act civilly to recoup their losses, Wilson said after the hearing, because his agency doesn’t have the authority to order restitution.
The adult children of two of the victims didn’t seem particularly thrilled with the punishment handed out to the man investigators say bilked their elderly parents out of $30,000.
“It was an administrative slap on the hand,” said Fred Edeskuty who was joined by his sister, Celeste Raffin, in testifying against Beery.
Investigators laid out a stiff case against Beery, who claimed that the numerous promissory notes he sold were loans, not investments, and that he didn’t need state licensing and certification to issue those notes.
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