The US Securities and Exchange Commission and the US Commodity Futures Trading Commission have charged a Philadelphia investment fund manager and firm in relation to an alleged $50 million Ponzi scheme, in which early investors’ “returns” are paid with money from new investors.

Joseph Forte stands accused of selling an estimated $50 million of securities in the form of limited partnership interests in his firm. An order has been issued freezing Mr Forte's assets and ordering an accounting, according to media reports.

In Chicago, the US Justice Department has said that two Illinois men had been arrested for a “Ponzi-like” scheme involving $15 million. Charles Martin and John Walsh were charged with wire fraud and diverting money out of customer accounts, prosecutors are reported as saying. A court shut down their One World Capital Group in December 2007.