Lakeland, Florida -- If it had all gone according to James Risher's plan, he'd be relaxing on a beach somewhere in Bermuda by now.
Instead, the Sanibel resident is in federal custody, accused of bilking $16 million from more than 100 investors in a Ponzi scheme spanning the past four years.
Risher caught wind he was being investigated by the FBI, U.S. Postal Inspection Service, the IRS and the State Office of Financial Regulation.
He was preparing to board a flight May 31 to Bermuda when he was arrested.
He is charged with conspiracy to commit mail and wire fraud, committing mail and wire fraud and money laundering.
"He had everyone believing he was a legitimate business manager," said Robert Rex, a Boca Raton attorney representing dozens of victims - 65 in Lakeland, one in Lee, one in Charlotte, five in California, two in Colorado and one each in Texas, Utah, Kentucky, Arkansas, Hawaii and Ontario, Canada.