Martin Ruiz, New York Investment Adviser, Charged with Defrauding Clients and Misappropriating Client Funds

Ruiz is accused of targeting elderly investors in his fraudulent scheme.

martin-ruiz-defrauding-and-misappropriating-client-fundsMartin Ruiz, a New York investment adviser, is accused of fraud in connection with his fraudulent scheme to defraud investors through his advisory firm, Carter Bain Wealth Management (CBWM). Ruiz reportedly promised his elderly clients safe investments; however, Ruiz actually stole his clients’ retirement savings and used the funds on himself. Ruiz is accused of misappropriating over $8 million from his clients, most of them elderly individuals.


Ruiz allegedly induced several clients to invest over $10 million in an investment fund called RAM Fund by purchasing limited partnership interests. Ruiz failed to disclose to the clients that he controlled RAM Fund and that he planned to use the investor funds to support his lavish lifestyle.


Rather than investing his clients’ funds into legitimate investment projects and real estate, Ruiz misappropriated the clients’ funds for personal use, including the purchase of a home, rental payments on apartment properties, and payments on credit card bills. 


Ruiz is charged with one count of investment adviser fraud, which carries a maximum prison term of five years. 


The Sonn Law Group is currently investigating allegations surrounding Martin Ruiz. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.