Adviser duo charged with scamming prisoners

Husband and wife team accused of running Ponzi scheme in the big house

By Associated Press

Dec 17, 2010 @ 12:02 pm (Updated 12:09 pm) EST

FBI agents in Arizona have arrested a husband and wife accused of running a Ponzi scheme that bilked about $3 million from a dozen investors, including nine who lived in Hawaii.

Perry and Rachelle Griggs were arrested Thursday in Kingman, Ariz. The FBI said in a statement the couple will face an initial court appearance in Flagstaff, Ariz., before being moved to Honolulu to be arraigned.

A federal grand jury in Honolulu indicted the couple in October on 13 counts of wire and mail fraud related to the alleged scheme.

The indictment alleges the couple marketed their Aloha Trading investment program to prison inmates and their families when Perry Griggs was incarcerated in mainland federal prisons. In Nevada, he was housed with many Hawaii inmates.

  @IN Wire

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