John Lopez, Ponzi Scheme, New Mexico 2024

ALBUQUERQUE – John Lopez, 74, of Arizona, will spend the next three decades in federal prison after being sentenced today for masterminding a $24 million Ponzi scheme that ripped off over 100 victims, many from Northern New Mexico. Lopez was also ordered to pay $24,065,636.20 in forfeiture, though a restitution order is still pending. There is no parole in the federal system, meaning Lopez will serve the full 30-year sentence.

From 2014 to 2022, Lopez operated Personal Money Management Company (PMMCO), peddling lies about a “proprietary algorithm” that guaranteed returns of 10 to 42 percent annually. He falsely claimed client funds were safely invested in stocks and bonds. The reality was far more sinister. Lopez used new investor money to pay off earlier investors – the classic hallmark of a Ponzi scheme – and to fuel a personal spending spree. He disbursed $6.1 million in fake returns, all while lining his own pockets.

Court records reveal Lopez collected approximately $24 million from investors and poured roughly $16 million into precious metals. He didn’t invest it; he hoarded it. Federal agents discovered bullion stockpiled in his home basement, office, a rented storage unit, and even buried underground. But when agents raided PMMCO in November 2021, they recovered less than $15 million worth of assets, a far cry from the $39 million Lopez boasted he was managing. Despite the seizure, Lopez continued to solicit new investors and fabricate account statements, maintaining a facade of success.

The scheme was built on deception. Lopez failed to track individual investments, deliberately lied about account balances, and actively discouraged large withdrawals to prevent the whole house of cards from collapsing. He paid himself a six-figure salary, living comfortably while portraying himself as a financial titan. Even after being indicted, Lopez repeatedly violated his court-ordered release conditions, committing additional fraud, making unauthorized financial transactions, and refusing to cooperate with investigators. He also had prohibited contact with victims and witnesses.

A subsequent search of Lopez’s home uncovered another $350,000 in silver coins hidden in his crawl space. However, approximately $3 million in precious metals purchased with stolen funds remains unaccounted for. The FBI and U.S. Marshals Service are still working to locate these missing assets. The U.S. Attorney’s Office also filed a civil forfeiture action in April 2022 to seize the assets recovered in November 2021, but that litigation is ongoing.

“This was a calculated and callous betrayal of trust,” stated U.S. Attorney Ryan Ellison. “Lopez preyed on vulnerable investors, promising financial security while systematically stealing their life savings.” Philip Russell, Acting Special Agent in Charge of the FBI’s Albuquerque Field Office, added, “This sentence sends a clear message: those who engage in financial fraud will be held accountable.” The investigation was a joint effort by the FBI Albuquerque Field Office and the U.S. Marshals Service. Lopez will face three years of supervised release upon his eventual release from prison.

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