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'Mini-Madoff' found to have conned Santa Fe women out of $10.4M

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SANTA FE - An unregistered Santa Fe investment adviser dubbed a "mini-Madoff" was ordered to pay nearly $10.4 million in restitution and penalties after engaging in a Ponzi scheme for 20 years involving 45 investors across the country.
A federal judge issued a consent order April 7 for a permanent injunction against Douglas Lien, 79, after the Securities Division of the New Mexico Regulation and Licensing Department issued a cease-and-desist order against Lien.
Among the victims were three women in Santa Fe, including Randa Phillips, 71, who approached the Securities Division in May 2019 with her complaint against Lien.
The Securities Division forwarded the case to the Commodity Futures Trading Commission, which prosecuted Lien in U.S. District Court.

Chicago , Illinois , United-states , New-mexico , New-mexican , Randa-phillips , Norma-bell , Williamp-johnson , Bernie-madoff , Licensing-department , Commodity-futures-trading-commission , National-futures-association

Federal Court Orders New Mexico Man To Pay Over $10.3 Million For Defrauding Commodity Futures Clients In Long-Running Ponzi Scheme

Federal Court Orders New Mexico Man To Pay Over $10.3 Million For Defrauding Commodity Futures Clients In Long-Running Ponzi Scheme
Date
08/04/2021
The Commodity Futures Trading Commission today announced that the U.S. District Court for the District of New Mexico entered a consent order for permanent injunction, monetary sanctions, and equitable relief against Douglas Lien of Santa Fe, New Mexico. The court imposed more than $10.3 million in monetary sanctions and relief for defendant’s wrongdoing, including his misappropriation of client money intended for futures trading. According to the order, the defendant admitted to misappropriating the funds and issuing false account statements to conceal his fraud for nearly 20 years.

Mexico , New-mexico , United-states , Robertt-howell , Susanb-padove , Davida-terrell , Bryan-hsueh , Scottr-williamson , Commodity-futures-trading-commission , Mexico-securities-division , Division-of-enforcement , Us-district-court