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SANTA FE (AP) — A New Mexico regulator has penalized the owners and operator of a Deming truck stop for securities fraud.
The state Securities Division on Wednesday levied $375,000 in civil penalties against three men involved with a southern New Mexico truck stop known as Fuel 4 Less and the Savoy Travel Center.
Penalties of $125,000 were imposed on each man — owners Arthur Herlihy and Sean Curtis and operator Bruce Beckner.
Promissory notes were sold in 2008 to 2010 to raise money for the truck stop. Investors were solicited through advertisements. However, the securities weren’t registered. The men weren’t licensed to sell securities and they failed to disclosure Beckner’s previous securities fraud conviction.
The agency said a criminal investigation is under way of allegations that 33 investors were defrauded of $5.5 million.
