A San Diego investment manager has been arrested on charges of spending millions of dollars of his clients' money on personal expenses.
Federal prosecutors say 54-year-old Robert L. Holloway operated in Utah as U.S. Ventures LC for two years until 2007.
He was indicted Thursday in what authorities call a $25 million Ponzi scheme.
Regulators at the U.S. Commodity Futures Trading Commission say they are freezing Holloway's assets.
Holloway's indictment says he promised investors consistent profits of nearly 1 percent a day, but actually lost more than $10 million in trading and spent $4.2 million buying an aerospace consulting business.
Holloway was arrested Thursday in San Diego and is set to appear in federal court in Salt Lake City Dec. 16. It wasn't immediately clear if he had an attorney.
Vox "Smart Take" Pushes Gun Confiscation. Here's What Would Happen If They Tried. - Bearing Arms - 2nd Amendment, Gun Confiscation
Nick Adams - Not a Single Illegal Immigrant in 7 Months... In Australia
Obama changes the name of Alaska's Mount McKinley to Denali
WaPo editorial writer about to become very unpopular with #BlackLivesMatter - Hot Air
Two Impossible Things That Could Happen in 2016 | Human Events
S. E. Cupp - Blame Liberals for the Rise of Trump
Doug Schoen's off-tune whistling through the graveyard of Hillary Clinton's electoral hopes. | RedState