Fed up Vaughan victims say it's time for his arrest New Mexico
January 22, 2011 AT 1:55 AM
nearly a year after a state and federal investigation began into suspected ponzi schemer doug vaughan -- many people are itching for an arrest. we wanted to find out where the investigation stands crisitna rodda is here with what we've learned. state and federal investigators are tight lipped about the investigation. many say this case is so complicated and has so many victims-- it's no wonder it's taken so long. others expect a major development soon. . bill davis represents many of the people vaughan owes money to-- those investors are hoping doug vaughan is arrested soon. "it's my understanding that an indictment is pending soon. nobody knows and nobody will say and this is all informal but it's time the fbi has had time." vaughan is no where to be found these days. "i don't know where he's living i've been told he's driving a friends car." we asked the state's investigating agency if vaughan is living in albuquerque or somewhere else-- we're told they're not sure. we called vaughan to find out-- he's not returning our calls. your viewers are safe to assume he's not living high off the hog anymore." but there is bad news for vaughan's investors. he owed more on the properties that he owned, than they were worth. so those condos and homes went back to the lender-- his businesses weren't worth much either. "essentially none of his businesses were ever profitable they were all propped up by the funds he raised in the ponzi scheme." and most the money made off an auction of his luxury office went to the bankruptcy attorneys. i contacted the new mexico regulation and licensing department-- they say their investigation into vaughan continues. the fbi said no comment to our request for a status update on the investigation. vaughan is accused of swindling about 80-million dollars from investors. cristina rodda kob eyewitness news four.