US arrests man for $7 million US Ponzi fraud

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LOS ANGELES - US authorities have charged a UK man with investment fraud, alleging he scammed at least four investors in a $7 million (£4.4 million) Ponzi scheme.

Robert Tringham was arrested in connection with the Pyramid scheme claims on Tuesday, after indictment by the US Attorney's Office. He made an appearance in a Los Angeles federal court then was held in custody until a bail hearing later today.

The US Attorney's Office has charged Tringham with 11 counts of fraud - carrying a maximum sentence of 170 years if convicted. The complaint alleges that one client was promised returns of 2.5% per month - or 30% per year - on the money they placed with Tringham.

The arrest followed a Securities and Exchange Commission complaint in April. The regulator accused him of raising $7 million fraudulently since 2006 -in addition to a $500,000 income tax evasion charge.

Tringham will appear in the District Court of Los Angeles on Monday.

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