February 9, 2010, 7:56 AM EST
The president of an Albany investment firm is accused of selling fraudulent securities to investors across the country.
Christopher Bass appeared before U.S. Magistrate Judge David Homer on a felony charge of securities fraud on Monday and was held for a bail hearing Wednesday.
The complaint says the scheme involved more than 200 clients who invested more than $5.5 million through Bass under the business names Revisco Finanz and Swiss Capital Harbor beginning in January 2007.
The money was to be sent to Europe for power plants and other investments, but court papers say less than half was used as promised and the rest went for Bass' personal expenses or to repay other investors.
Bass' lawyer, Alexander Perry, didn't immediately return a call seeking comment.