A New Mexico man who once headed the state’s biggest independent residential brokerage was charged with running a Ponzi scheme that caused more than $76 million in investor losses, the Justice Department said.
Douglas F. Vaughan, 63, was accused of operating a promissory note program marketed as a way of investing in his real estate business from 2005 to 2010, according to a federal indictment unsealed today in Albuquerque. About 600 investors had money in the program when the scheme collapsed last year, prosecutors said.
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