Two Former Radio Personalities Sentenced To Prison For Fraud

Sentencing

Two former radio personalities have been sentenced to prison after being convicted by a jury in JUNE (NET NEWS 7/19) 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 has received a four year sentence and JOEL HIXON 18 months in prison, and both were ordered to make restitution of $25,000. The men 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.

“These men violated the trust of their investors with lies and deception. Their prison sentences send a loud and clear message of deterrence to criminals committing fraud in NEW MEXICO,” said NEW MEXICO Regulation and Licensing Dept. Superintendent MARGUERITE SALAZAR.

“This case involving religion and radio demonstrates that affinity fraud can affect anyone, no matter their line of work,” said Securities Division Director MATTHEW BOUILLON MASCAREÑAS.“As with all investments, we urge caution and skepticism.”

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.

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