https://news.radio-online.com/articl...uilty-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.