A Huntsville man is being held on $2 million bond after his indictment on securities fraud charges.
Keith Michael Rogers, 41, was arrested Friday for 10 counts of securities fraud, according to the Alabama Securities Commission.
Rogers is accused of taking money from investors and instead of using it to give them a return, using $2.5 million to pay for personal expenses and as payments to earlier investigators -- a Ponzi scheme practice.
State securities officials said Rogers also forged documents as part of the fraud.
In July 2014, the Alabama Securities Commission ordered Rogers to sell securities in the state. The order states Rogers committed a number of violations, including unauthorized transfers of clients' money and using client funds to buy real estate instead of securities.