Richard Pundt was arrested Thursday night on three counts of mail fraud, six counts of wire fraud and one count of conspiracy.

Richard Pundt was arrested Thursday night on three counts of mail fraud, six counts of wire fraud and one count of conspiracy. He appeared in federal court in Cedar Rapids on Friday and was released on bond. The charges are contained in an indictment filed in U.S. District Court in California.
Officials with the U.S. attorney's office in Cedar Rapids say Pundt and others agreed to promote a high-yield investment program that promised extremely high return at little to no risk. Prosecutors say that the scheme began around February 2006 and continued through December 2006 in Orange County, Calif.