NORTH MIAMI BEACH, Fla., Aug. 13 (UPI) -- The U.S. attorney's office in Miami alleges a man in North Miami Beach, Fla., operated a Ponzi scheme that cost investors nearly $4 million.
Paul Robert Karr was being held without bond after being arrested on charges he used millions of dollars from his more than 100 investors for personal benefits and to continue his scheme, The Miami Herald reported Thursday.
The U.S. attorney's office said Karr's alleged Ponzi scheme was discovered thanks to Commodity Futures Trading Commission inquiries.
Karr, formerly known as Paolo Roberto Correa, allegedly operated the investment operation between 2002 and 2004. Money provided by Karr's investors was to be used to trade foreign currencies, the newspaper said.