The US Securities and Exchange Commission has frozen the assets of a man it says is running a Ponzi scheme involving US and New Zealand-based companies.
A Ponzi scheme is an investment operation that pays returns based on new investments - or from someone's pocket - instead of from profit. One of the most famous in recent years was the punnily named Bernie Madoff.
In this case, the SEC alleges Christopher A.T. Pedras is fronting sham investment opportunities ranging from a bank trading programme to kidney dialysis clinics.
The Washington-based commission says Mr Pedras has homes in California and New Zealand.
It alleges the Ponzi scheme involved Mr Pedras's company serving as a link between global banks, with an investment programme.
The Commission says Mr Pedras raised more than $US5.6 million from at least 50 investors in the US since July 2010.
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