Man charged with $214M fraud scheme

TAMPA, Fla., Aug. 23 (UPI) -- A man who set up a Florida company that claims to have its own currency has been charged with trying to defraud the Bank of America of more than $200 million.

An indictment against Angel Cruz, 49, was unsealed Friday as federal prosecutors issued an arrest warrant, the Orlando Sentinel reported. Cruz, a Miami resident, was not arrested but an alleged confederate, Harry Marrero of Orlando, was picked up.

Federal prosecutors say Cruz set up a network of companies and organizations under the umbrella of The United Cities Group and tried to defraud Bank of America.

On its Web site, United Cities says it is "not under the jurisdiction of the Federal Reserve System and/or any of their affiliates who do not uphold the constitution for the benefit of the people." United Cities accuses the federal government of fraud for refusing to recognize it and has sued Bank of America.

Marrero, a non-lawyer, is representing Cruz in a lawsuit, prosecutors said.

The Sentinel was able to reach Cruz by phone Friday and said he told a reporter he had just discovered he was a wanted man.