Sonoran Authorities Capture U.S. Man Charged In Arizona For 'Ponzi Scheme'
Authorities in Nogales, Mexico arrested a man who is facing federal charges in Phoenix for allegedly running a “Ponzi scheme,” according to a news release from the Sonoran Attorney General’s Office. He was arrested for violating the conditions of his pretrial release.
Investigators with the Sonoran Attorney General’s Office found and arrested Michael Sean Graham in a neighborhood south of the border in Nogales, Sonora on Monday.
Graham was charged with fraud at the U.S. District Court in Phoenix in 2016. Graham collected more than $2 million from would-be investors, telling them that he owned software that would provide consistent returns on the foreign exchange market, according to court documents. But instead of investing the money, he used it to repay other investors or to “enrich himself."
Graham had been released to await trial, but last May the court said he had gone missing and issued an warrant for his arrest.
After being captured in Nogales, he was handed over to U.S. authorities.