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Men Behind American Radio Empire Scam Found Guilty of Fraud

Y2kTheNewOldies

Y2kTheNewOldies

https://news.****************/artic...rican-Radio-Empire-Scam-Found-Guilty-of-Fraud

The Accused has been convicted of conning investors over the promise of a media conglomerate.

Two men defrauded investors out of millions of dollars a jury ruled Friday after a week-long trial in Third Judicial District Court, reports the Las Cruces Sun News. Both Dain Schult and Joel Hixon were charged with trying to convince investors they were assembling a iHeartRadio-type multimedia conglomerate. They were convicted of fraud over $20,000, securities fraud, conspiracy to commit fraud, the sale of unregistered security and the sale of security by an unlicensed agent. Both will be sentenced at a later date.

The newspaper said the New Mexico Regulation and Licensing Department claimed Schult, who lives in Austin, TX, used his companies -- American Radio Empire Inc. and American Wireless and Entertainment Inc. -- to recruit experienced radio personalities such as Hixon of Las Cruces to solicit investments from unsuspecting friends, with offers of future employment.
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https://news.****************/artic...American-Radio-Empire-Scam-Get-to-Prison-Time

Here is an Update

The two former radio personalities that defrauded investors out of millions of dollars have been sentenced to prison, reports the Las Cruces Sun News. Both Dain Schult and Joel Hixon were charged with trying to convince investors they were assembling a iHeartRadio-type multimedia conglomerate. They were convicted in June of fraud over $20,000, securities fraud, conspiracy to commit fraud, the sale of unregistered security and the sale of security by an unlicensed agent.

Schult received a four year sentence and Hixon was sentenced to 18 months in prison. Both were ordered to make restitution of $25,000. "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 Department Superintendent Marguerite Salazar.

The newspaper originally reported that the New Mexico Regulation and Licensing Department claimed Schult, who lives in Austin, TX, used his companies -- American Radio Empire Inc. and American Wireless and Entertainment Inc. -- to recruit experienced radio personalities such as Hixon of Las Cruces to solicit investments from unsuspecting friends, with offers of future employment.
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I guess the real surprise is that a scam based upon a purported radio investment could lure money. Especially when even a cursory search for iHeart would've brought up news of its recent bankruptcy.
 
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