A San Diego investment manager has been arrested on charges of spending millions of dollars of his clients' money on personal expenses. Federal prosecutors say 54-year-old Robert L. Holloway operated in Utah as U.S. Ventures LC for two years until 2007.
He was indicted Thursday in what authorities call a $25 million Ponzi scheme. Regulators at the U.S. Commodity Futures Trading Commission say they are freezing Holloway's assets. Holloway's indictment says he promised investors consistent profits of nearly 1 percent a day, but actually lost more than $10 million in trading and spent $4.2 million buying an aerospace consulting business…
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