South Texas man indicted on fraud charges

April 20, 2010 4:11:47 AM PDT
Federal prosecutors have announced a 14-count securities fraud indictment against a south Texas man accused of swindling investors out of hundreds of thousands of dollars. Prosecutors allege that Albert "Andy" Anzaldua lured investors into a purportedly high-yield investment program with promises of rapid returns. Instead, Anzaldua spent most of the money on personal expenses unrelated to the investment, prosecutors say.

Special agents with the U.S. Secret Service arrested Anzaldua at his McAllen home Monday and he was later released on bond after making an initial appearance in federal court. He was scheduled to be arraigned Thursday.

No one answered at a number listed for Anzaldua Monday.