A New Mexico real estate broker was charged by a federal grand jury with running a Ponzi scheme that caused investor losses of more than $76 million, the Justice Department said.

Douglas F. Vaughan, 63, was accused of operating a promissory note program marketed as a way of investing in his real estate business from 2005 to 2010, according to today’s indictment in Albuquerque. About 600 investors had money in the program when the scheme collapsed last year, prosecutors said.

Your Comments