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New Mexico Man Sentenced to Up to 20 Years for $19.4 Million Investment Scam
ALBUQUERQUE, NM – In a stunning verdict, a federal jury found John Lopez, 73, guilty on multiple charges for orchestrating a massive investment scheme that netted him nearly $20 million.
According to court documents and evidence presented at trial, Lopez, who owned Personal Money Management Company (PMMCO), claimed to have developed a sophisticated algorithm for trading stocks and bonds that generated above-market returns. However, in reality, he used client funds to purchase precious metals.
Lopez told clients to expect annual returns of 10 to 19 percent, but in reality, he allocated around $13.3 million to buy precious metals and disbursed approximately $6.1 million to clients as part of a Ponzi scheme. He provided fake account statements indicating that their investments had grown substantially.
When government agents seized PMMCO’s assets in November 2021, they found that the asset’s total value was less than $15 million, despite Lopez claiming client accounts were worth approximately $39 million.
Lopez continued to court new clients after the asset seizure, persisting in falsely representing a history of producing above-market returns and generating deceptive account statements.
Prosecutors sought Lopez to be remanded into custody following his convictions, but the Court ordered him to remain on conditions of release pending sentencing, which has not been scheduled. At sentencing, Lopez faces up to 20 years in prison. There is no parole in the federal system.
U.S. Attorney Alexander M.M. Uballez and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today. The FBI Albuquerque Field Office and the U.S. Marshals Service investigated this case, with the U.S. Attorney’s Office for the District of New Mexico prosecuting the case.
The U.S. Attorney’s Office brought a separate civil forfeiture action on April 15, 2022, seeking to forfeit assets seized in November 2021. Litigation in the civil proceeding is ongoing.
Key Facts
- State: New Mexico
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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