Man convicted for swindling Ramah elder

    RAMAH - A McKinely County District Court judge has ordered an Albuquerque man to serve five years of probation and repay his elderly victim after he pled guilty to three felony counts of securities fraud and embezzlement charges.

    Michael McGarry, 63, admitted to presenting himself as a licensed broker/dealer and admitted to selling unregistered investments. He said he took money from an 82-year-old man from Ramah and instead of investing the funds as promised, lost it gambling.

    Part of the plea and sentencing agreement included paying the victim $4,000 at the time the plea was entered; $1,000 at a later date and monthly payments until he has paid $22,000. In addition, McGarry is to pay 8.75 percent interest per annum from the date he received the funds in 2006. 

McGarry was arrested on 12 counts of securities fraud and embezzlement in April 2009.

    “A call to our office would have quickly revealed that McGarry had no business offering this type of investment service,” said Bruce Kohl, Director of New Mexico Regulation and Licensing's Securities Division.

    Originally, the victim went to Legal Aid to seek assistance after McGarry failed to return his money and would not respond to efforts to contact him.  Legal Aid referred the case to the local District Attorney's office, who then sought assistance from the RLD Securities Division.

    The case was jointly investigated and prosecuted by the RLD Securities Division and by District Attorney Karl Gillson's office.