|Published:||Dec 01, 2010 9:55 PM EST|
|Updated:||Dec 01, 2010 6:58 PM EST|
ENGLEWOOD, Fla. (AP) - Federal authorities have charged a 76-year-old Florida Panhandle man with running a Ponzi scheme that generated $110 million from people around the world.
Thomas A. Bowdoin Jr. was arrested Wednesday at a rented home in the southwest Florida community of Englewood after a grand jury indictment was unsealed in Washington, D.C.
It charges Bowdoin with five counts of wire fraud and one each of securities fraud and unlawful sale of unregistered securities.
If convicted on all counts, he could get up to 125 years in prison and be fined nearly $6.3 million.
Bowdoin is accused of disguising the scheme as an online advertising company based in Quincy west of Tallahassee.
His lawyer did not immediately return a call seeking comment.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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