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Minneapolis (AP)

Feds allege $5.5 million Ponzi scheme in Rosemount

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The federal government is alleging a Rosemount man has been operating a $5.5 million Ponzi scheme through his Crossfire Trading LLC company.

The U.S. Commodity Futures Trading Commission filed a civil complaint against Charles "Chuck" E. Hays on Thursday while prosecutors filed federal charges in Minneapolis.

They allege fraud and misappropriation in connection with a commodity pool Ponzi scheme. Hays was arrested Thursday and was unavailable for comment.

A working telephone number for Crossfire, which was run out of Hays' house, could not be found.

The commission is also asking the court to freeze the assets of Crossfire and Hays.

The complaint alleges that since January 2006, Crossfire used fraud to solicit more than $5.5 million from at least three people and a charitable foundation.

Further, the complaint alleges Hays used $4 million in investors funds to buy a yacht and for other purposes.

(Copyright 2009 by The Associated Press. All Rights Reserved.)