Albert "Andy" Anzaldua of McAllen was indicted on 14 counts of securities fraud, wire fraud and conspiracy to commit securities fraud for operating an allegedly fraudulent high-yield investment program.
The indictment was unsealed April 19 in the U.S. District Court for the Southern District of Texas, McAllen division. Anzaldua was arrested the same day.
The U.S. attorney's office, the U.S. Secret Service, and the Texas State Securities Board investigated the case. The indictment alleges that Anzaldua is the president of InterContinental Commerce Inc. (ICC), a purported investment firm with offices in McAllen and New York City.
Beginning in May 2003, Anzaldua solicited and induced a number of individuals to invest in the European Asset Management Program (EAMP), a purported high-yield investment program that he operated through ICC. Anzaldua allegedly made numerous false representations and omitted material facts concerning the EAMP and ICC. He represented to prospective investors that the EAMP would result in returns of between two and three U.S. dollars for every dollar invested over a 40-week period.