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SANTA FE – The New Mexico Regulation and Licensing Department’s Securities Division issued a cease and desist order against a Los Alamos resident who has allegedly sold securities totaling over $200,000 to mostly retirees and senior citizens in Los Alamos, in violation of state law.
Jerome Griggs Beery, who is not a state-licensed investment broker, has been ordered to cease selling unauthorized promissory notes to residents of Los Alamos and any other New Mexicans.
Beery, 79, has allegedly raised tens of thousands of dollars from at least 10 Los Alamos investors from January 2007-July 2013 with a promise of paying annual interest ranging from 4 percent to 12 percent.
All investors lost nearly $170,000.
“We want to warn Los Alamos residents about this individual who has been preying on vulnerable investors who are elderly and retirees,” said Alan R. Wilson, Securities Division director in a press release. “Mr. Beery is not a licensed investment broker and none of his promissory notes are registered with the state as required under the law. He is peddling promissory notes as investments, in a very risky and illegal scheme.”
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