Grand jury indicts owners of Rio Grande Studios



Michael Jacobs

New Mexico Business Weekly - Attorney General Gary King has filed charges against Michael Jacobs and Ruby Handler-Jacobs after a grand jury indicted the couple for the alleged illegal sale of security interests in Rio Grande Studios that brought in more than $500,000 of investment proceeds. The studios filed for bankruptcy last year. The indictment lists 57 counts, including fraud and the sale of unregistered securities. The grand jury noted that the couple were owners and operators of Rio Grande Studios, a limited liability corporation in Bernalillo County, and indicated that through the studios, the couple offered to sell investments to various people in New Mexico and the U.S., but did not register Rio Grande Studios’ investment plan with the New Mexico Securities Division. Individual investments ranged from $500 to $100,000, according to the indictment, and investors allegedly were told by the Jacobses that the studios would expand from its location in Albuquerque to a large development that would include a movie studio, baseball stadium, amusement park, shopping district, hotel and racetrack. Read More News New Mexico

Grand jury indicts owners of Rio Grande Studios