Former New Mexico Gov. Toney Anaya has reached a settlement with the Securities and Exchange Commission in a fraud case involving an investment company that was focused on recovering and selling water from aquifers in New Mexico and elsewhere. Anaya was one of four charged with concealing from investors that two lawbreakers ran the company, Natural Blue Resources Inc.
The SEC says Anaya, a former chief executive with the company, agreed to a cease-and-desist order without admitting or denying the charges. He's now barred from participating in any offering of a penny stock for at least five years.
The SEC says investors didn't know Natural Blue was secretly controlled by two men who had prior brushes with the law. James Cohen was previously incarcerated for financial fraud and Joseph Corazzi was charged with violating federal securities law.
Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.