NEWARK, N.J. (AP) - A former northern New Jersey resident has been arrested in Kansas and charged with running a Ponzi scheme.
Thomas Lanzana is charged with wire fraud and commodities fraud. The former Midland Park resident was arrested in Park City, Kansas on Wednesday.
Authorities say Lanzana's current address is in Pawleys Island, South Carolina.
The U.S. attorney's office in New Jersey alleges in a criminal complaint that Lanzana falsely represented to prospective investors that he was a successful foreign-currency trader in order to solicit about $900,000 in investments.
To deceive investors, Lanzana allegedly posted false account statements for trading accounts that didn't exist.
He allegedly used about $350,000 of the money he raised to pay off earlier investors and use for personal expenses.