A California movie producer has been arrested on charges in a $26 million investment fraud.
Prosecutors said David Bergstein was arrested Wednesday in Hidden Hills, California, and faces an initial court hearing in Los Angeles. His attorneys did not immediately return a message seeking comment.
The government said the 54-year-old Bergstein and a co-defendant — Keith Wellner — carried out the fraud by cheating investors at Weston Capital Asset Management, an investor adviser firm.
Prosecutors say Wellner was the former chief operating officer of Weston. Wellner was arrested Wednesday in Manhattan and awaited a court appearance. His attorney did not immediately return a message seeking comment.
William Sweeney, head of New York's FBI office, said the men used several million dollars in investor money to fund their lifestyles.
