Tony Anthony Cruz Jr., the owner and operator of the Wealth Building Club Inc. (WBC) in San Antonio, was indicted Feb. 15 in U.S. District Court in San Antonio on eight counts of mail fraud. The indictment was unsealed March 6.
The indictment alleges Cruz sold fraudulent notes to investors in San Antonio, Eagle Pass, and Richmond.
Cruz falsely told investors that he was a successful currency trader and that his investing acumen meant the WBC notes would pay returns of 2% to 6% a month, according to the indictment.
The case was investigated by the State Securities Board and the FBI's San Antonio office.