A McAllen businessman faced a federal judge after being accused of running a European investment scam.

U.S. Secret Service agents arrested Albert “Andy” Anzaldua at his McAllen home on Monday morning.

A federal grand jury indicted Anzaldua on 14 counts of fraud earlier this month.

A copy of the indictment was not immediately available but the U.S. Attorney’s Office for the Southern District of Texas released some information on the case Monday afternoon.

Federal prosecutors alleged that Anzaldua owned InterContinental Commerce and ran a fraudulent European Asset Management Program.

It’s not clear how much money Anzaldua acquired or how many victims he had but authorities allege he kept the cash for himself.

Anzaldua appeared before U.S. Magistrate Judge Dorina Ramos in McAllen on Monday morning.

Judge Ramos gave Anzaldua a bond on the condition he not engage in securities or investments activities.

Anzaldua must appear back in federal court for a Thursday morning arraignment.

Anyone with information about the European Asset Management Program from InterContinental Commerce is encouraged to contact the Secret Service at (956) 994-0151

Is this the same Andy Anzaldua that used to be on the McAllen ISD School Board (back in the 80's)and was in the import export business?

It would seem like he would be too old for this kind of stuff.

[This message has been edited by oldvalleyrat (edited 4/20/2010 3:24p).]