Brothers convicted in NM real estate scam

Posted at: 05/10/2013 7:35 AM
Updated at: 05/10/2013 7:36 AM
By: The Associated Press

SANTA FE, N.M. (AP) - A Santa Fe jury has convicted two brothers who were accused of stealing $440,000 from an elderly couple in a real estate investment scam.

The New Mexico Regulation and Licensing Department says the verdicts against Michael Maxwell of Edgewood, N.M., and Steven Maxwell of Santa Barbara, Calif., were reached Thursday after a three-day trial.

The brothers had faced numerous felony counts related to the fraudulent sale of securities and for being unlicensed brokers.

State officials say the brothers befriended the couple through a family member and offered a real estate proposal to develop land in Edgewood. The couple used their life savings and mortgaged their home to investment with the brothers.

The Maxwells have been ordered not to leave the state.

A sentencing date has not yet been set.

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