A man prosecutors say defrauded a customer of $1 million was denied release on bail Thursday in federal court in Fayetteville.
Michael Columbia was indicted in August on suspicion of wire fraud and executing a scheme to obtain money through fraudulent misrepresentation. Police said Columbia used his investment company to steal $1 million from a customer by selling the customer’s bond without his knowledge.
Columbia faces up to 30 years in prison and up to $1 million in fines, according to the U.S. Attorney’s Office for the Western District of Arkansas.
Columbia pleaded not guilty to the charges at his Oct. 16 arraignment. His next court date is scheduled for Dec. 3.
