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.