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Man claiming to be brother of former Mexican president arrested in financial scams

February 1, 2010 | 11:40 am

A suspected financial scammer who claimed he was the brother of former Mexican President Vicente Fox was to be arraigned Monday on charges of stealing more than $600,000 through bogus investment plans, according to the L.A. County district attorney’s office.

Alfredo Trujillo Fox, 66, was arrested Saturday on a felony complaint and was being held on $1 million bail, said Jane Robison, a spokeswoman for the district attorney's office. He was scheduled to be arraigned Monday on 15 counts of grand theft, 15 counts of unqualified sales of securities, 15 counts of misrepresentation in sales of securities and two counts of tax evasion.

The suspect said he was the brother of the former Mexican president, but investigators have found no evidence to support that statement, Robison said.

The district attorney's office launched an investigation in June 2008 into allegations the suspect offered bogus investments between March 2006 and August 2007. He allegedly promised high returns on investments and accepted money for non-existent projects.

Among the schemes  were land purchases in Los Angeles and Mexico, short-term loans to his company, Xanadu Mexico International, and a cellphone venture capital project, said officials with the district attorney's office.

If convicted, he could face more than 27 years in state prison.

-- Patrick J. McDonnell