A federal grand jury in Chattanooga has returned a 19-count indictment against a Turkish man in connection with a $12 million Ponzi scheme.
Salih Acarbulut, a Turkish national who formerly lived in Chattanooga, is being charged with wire fraud and money laundering, according to a U.S. Attorney’s Office news release.
Authorities believe Acarbulut has left the United States. He is a fugitive.
The indictment alleges he devised a “so-called Ponzi scheme,” headquartered in Chattanooga, from as early as 2005 through May 2008.
Acarbulut represented himself as an “experienced and successful foreign currency trader.” He guaranteed up to a 48- percent annual return, paid monthly, on investments, according to the release.
The indictment also states that he “promoted the scheme by conducting financial transactions with funds from his crime” — money laundering.
Information about Acarbulut can be shared with the U.S. Secret Service at 423-752-5125 or the Internal Revenue Service at 423-855-6081.
Timesfreepress.com