Police in Peru say they've arrested a 59-year-old man wanted in Ohio for an alleged Ponzi scheme in which US$65 million (NZ$80m) was raised from at least 800 investors in the United States and Latin America more than a decade ago.
Police Colonel Oscar Llatas said Eric Bartoli was arrested Wednesday leaving his oceanfront Lima home, two years after US authorities requested Bartoli's extradition.
The FBI said Bartoli had been wanted since 2003 for crimes including securities fraud, wire fraud and money laundering.
An FBI wanted notice posted online said he operated Cyprus Funds Inc out of Doylestown, Ohio from 1995-1999, channelling most of the money invested for his personal use and preying on people including retirees.
The FBI said one of Bartoli's partners died and others served prison terms.