Trust company missing client money ordered not to touch financial assets

Desert State Life Management has operated out of a small law office on 4th Street NW in downtown Albuquerque for years.

ALBUQUERQUE, N.M. (KRQE) – A non-profit the state is taking to court because they can’t account for millions, has been ordered not to touch anymore money.

Desert State Life Management is a trust that manages private funds for people who are either mentally or physically disabled and can’t pay their own bills.

DSLM is said to have paid about $800,000 to its roughly 70 clients in 2016 and should have about $5 million left in its accounts, but investigators say they only have about $926,000. 

A judge has ruled they can’t touch any of their financial assets until the matter is settled. This includes money and property.

There is also an expedited hearing slated for August 3.

 

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