Texas man accused of multimillion-dollar fraud

March 24, 2010 3:46:12 AM PDT
A Texas Panhandle man has been indicted for allegedly trying to defraud investors by promising them shares of trillions of dollars from bogus financial instruments. A federal grand jury in Amarillo returned a 39-count mail fraud indictment Tuesday against 63-year-old Tommy Lee Buckley of Amarillo.

A statement issued by U.S. Attorney James Jacks says Buckley tried to redeem supposed financial instruments Buckley described as "certificates of obligation." Some were drawn on the U.S. Treasury and made payable to foreign heads of state.

He allegedly marketed his scheme to almost 2,000 investors who purchased memberships in his groups. Between 2004 and May 2008, Buckley allegedly deposited about $2.8 million from checks and money orders sent to him by these members.

Buckley didn't return a message left Tuesday by The Associated Press.