A California man was arrested and a 50-count indictment was unsealed, charging him and six others with mail fraud and wire fraud. The indictment alleged that the man and his father-in-law operated a Ponzi scheme in 2007 and 2008 that victimized more than 100 people and caused more than $7 million of losses related to the sale of shares in an investment program called the Naras Funds. The man and an appraiser are also charged with mail fraud related to a property flipping mortgage fraud scheme that operated in 2007, causing approximately $10 million in losses.