Albuquerque Man May Face 33 Years for Fraud

By Katie Hauser

Published on January 17, 2007

Garcia allegedly used his investment companies for credibility while he used mailings and newspaper ads to target elderly investors. Garcia encouraged these senior citizens to invest in the construction of low-income housing projects in a number of New Mexico counties. The housing projects were never built, and Garcia is said to have diverted the victim’s money to other interests. It is estimated that Garcia profited by more than $1 million at the expense of his investors.

In a related case, Garcia is accused of taking kickbacks from the state Treasurer’s Office when Michael Montoya was acting as New Mexico State Treasurer. Montoya’s brother, Orlando Montoya, and Garcia’s brother, Joe Garcia, also have been accused of receiving kickbacks and participating in the securities fraud scams for which Garcia will soon be sentenced.

Prosecutors are requesting that Garcia serve the maximum sentence of three years in prison for each of the 11 charges of securities fraud. A hearing for the sentencing has yet to be scheduled but is likely to take place in the next 90 days.

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