Two Medina residents have been arrested for running a ponzi scheme that bilked investors out of more than two-million dollars.

 Cleveland FBI special agent Vicki Anderson tells AkronNewsNow " They operated a company by the name of Tri-Monex Inc.and it was a ponzi scheme type of business which masqueraded itself as a legitimate investment company."

Anderson says Victor Jada and Hanan Khoury allegedly lied to 17 investors telling them their investments were making money when they were not, following the 2008 recession. Anderson says the pair wouldn't return the investors money and instead spent it on their mortgage and other living expenses.

The two were arrested on mail fraud charges.

The United States Postal Inspection Service and the Ohio Division of Securities worked with the FBI in carrying out the investigation.

Published in Local