Source:
CBSCharles G. Martin, 43, was arrested late Tuesday in Los Angeles, federal agents said. A second defendant, John E. Walsh, 60, of Glencoe, Ill., was picked up in the Chicago area today, the U.S. Attorney's Office said.
Both men were charged with one count each of wire fraud in a federal criminal complaint filed Tuesday and unsealed today, officials said.
. . .
According to the complaint, beginning no later than April 2006 through December 2007, the two men engaged in a scam to obtain One World customer funds earmarked for over-the-counter foreign currency trades -- called "forex" -- for their own use and to finance lavish lifestyles, including helping finance a movie that was never released.
A former One World employee, according to court papers, told investigators that Martin "spent money like a billionaire." Credit card and bank statements show he spent more than $1 million at a strip club and restaurants, nearly $1 million at elite hotels and another $1 million renting private jets, officials said.
. . .
Prosecutors said One World clients lost about $15 million, but the criminal complaint did not specify the number of customers or other potential victims in the case. Federal agents executed multiple search and seizure warrants today, including warrants to search homes owned by Martin and Walsh in the Chicago area, as well as bank safety deposit boxes issued to the men, prosecutors said.
Read more:
http://cbs2.com/consumer/Malibu.Man.Arrested.2.902443.html
Another one bites the dust.
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