Posted: Jun 26, 2010 1:17 PM
Source: Associated Press
A Baton Rouge man has been accused of defrauding about 40 people out of more than $3.7 million in an alleged investment scheme.
A federal mail fraud charge filed Friday accuses 59-year-old Ray Aguillard of telling investors that their money would be used to operate loan finance companies. The charges alleges that Aguillard guaranteed 15 percent annual interest.
The Advocate reported that public defender Mark Upton declined to comment. A telephone listing for Aguillard could not be found Saturday.
The charge carries up to 20 years in prison.