Arizona Man Convicted in Multi-Million Dollar Fraud Targeting New Mexico Retirees

John Lopez, 71, of Flagstaff, Arizona, was convicted of running a multi-million dollar investment plot that targeted retirees in New Mexico.Photo byAtoosa RyanneonUnsplash

The U.S. Attorney's Office for the District of New Mexico announced today that a federal jury has convicted John Lopez, 71, of Flagstaff, Arizona, on multiple counts of fraud for orchestrating a multi-million-dollar investment scheme.

The scheme, which targeted retirees and pre-retirees across New Mexico, resulted in significant financial losses for victims. The verdict follows a week-and-a-half-long trial.

Lopez, operating through his company Personal Money Management Company (PMMCO), claimed to offer financial management services, boasting a sophisticated algorithm for trading stocks and bonds with annual returns of 10 to 19 percent.

From 2014 to 2021, Lopez misled clients—many in northern New Mexico—by claiming their funds were invested in stocks and bonds, when in fact, he used the money to purchase precious metals, including gold and silver.

Court evidence showed Lopez collected approximately $19.4 million from clients, of which $13.3 million was spent on precious metals. He disbursed $6.1 million to clients as part of a Ponzi scheme, falsely portraying these payments as legitimate investment gains.

Clients received fabricated account statements reflecting inflated returns. When federal agents seized PMMCO’s assets in November 2021, they found less than $15 million in assets, while Lopez had falsely claimed client accounts were worth $39 million.

Despite the asset seizure, Lopez continued to deceive new clients and issue fraudulent statements.

Between February 2014 and April 2022, he received $21.4 million from clients, using $14.3 million to buy precious metals. Lopez faces up to 20 years in prison at sentencing, which is yet to be scheduled.

Notably, he remains free under conditions of release, according to the DOJ.