Police say their three-year investigation revealed a number of victims who believed they were investing in a legitimate stock market investment program.
Fraud Unit detectives say the victims initially received small returns from funds obtained by new investors.
But police say the victims were allegedly defrauded out of about $1.3 million, money that was used for the personal and financial gain of the accused.
Police have charged Francesco Perre, 56, with six counts of fraud over $5,000 and misappropriation of funds.
Perre is scheduled to appear in court on Dec. 23.
Investigators believe there may be additional victims and encourage them to contact police.