Two Former Radio Personalities Found Guilty Of Fraud

Schult, Hixon (Photo: Doña Ana County Detention Center)

Two former radio personalities have been convicted by a jury of fraud in a scheme to bilk investors pitched on putting money into a new radio company. 

The LAS CRUCES SUN-NEWS reports that DAIN SCHULT and JOEL HIXON were convicted JUNE 28th in Third Judicial District Court in NEW MEXICO on counts of fraud over $20,000, securities fraud, conspiracy to commit fraud, selling unregistered securities, and selling of securities by an unlicensed agent. Sentencing will take place at a later hearing.

The case involved SCHULT and HIXON soliciting investments to fund an IPO for a company that would be used to acquire radio stations and put them on the internet, but the state alleged that SCHULT was taking the money for personal use and to pay commissions to HIXON for recruiting investors, which the state characterized as a "pyramid scheme."

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