(KMSP) - A Mound, Minn. man has been federally charged for running a Ponzi scheme in which he stole more than $1 million from individual investors to fund a lavish lifestyle with his wife, according to the U.S. Attorney's Office.
Jeremy Richard Lundin, 30, was charged via criminal information with mail fraud and money laundering.
According to the press release, Lundin persuaded potential investors to invest with his company, Big Island Capital. From December 2014 to May 2017, he promised exponential growth through options trading. Instead of using the funds for what he detailed, he and his wife spent it on travel, luxury automobiles, a boat, jewelry and more.
In June, Fox 9 first reported details about the alleged scheme.
Lundin is expected to make his first appearance in U.S. District Court at a later time.