CHARLOTTE AMALIE, Virgin Islands – U.S. authorities have arrested a Virgin Islands investment adviser on fraud charges.

Prosecutors assert that James Tagliaferri received more than $3 million in connection with the alleged fraud. The U.S. Justice Department says the 73-year-old resident of St. Thomas faces multiple counts, including investment adviser fraud and wire fraud

Tagliaferri is accused of carrying out a scheme to defraud people through his TAG Virgin Islands Inc., an investment advising firm that he set up in the U.S. territory about six years ago. In 2009, he reported to the Securities and Exchange Commission that his company had more than 100 clients and handled roughly $252 million in funds.

A federal indictment against him was unsealed Thursday in a New York court. It’s not known if Tagliaferri has a lawyer.