NM gets grant to help tribes avoid financial fraud
Posted at: 02/05/2013 10:30 AM
By: The Associated Press
ALBUQUERQUE, N.M. (AP) - New Mexico has been awarded a $50,000 grant to help American Indian residents avoid financial and investment fraud.
Tribes in New Mexico and across the country are expected to receive cash payments in the coming months thanks to a $3.4 billion settlement with the federal government over allegations that land trust royalties were mismanaged.
The head of the state Regulation and Licensing Department, J. Dee Dennis Jr., says con artists know who to target when settlement dollars are being distributed.
He says the state is concerned Native communities may become even greater targets. The nonprofit group Native Community Finance will use the grant for an outreach campaign centered on financial security and investor education.
It will begin in the next few weeks.
Several seminars will also be held in Native communities around New Mexico.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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