FBI: Former DPS officer wanted in connection with $9M fraud scheme

PHOENIX - The FBI is searching for a former Arizona Department of Public Safety officer who is wanted in connection with a $9 million fraud scheme.

The FBI announced on Oct. 13 that a $25,000 reward is being offered for information leading to the arrest and conviction of 54-year-old Frederick Arias.

Between December 2015 and October 2017, FBI officials say Arias told investors that "The Joseph Project" was a safe investment with "guaranteed profits." Arias allegedly withdrew funds to pay personal expenses and wired money overseas.

On June 6, 2019, officials say Arias was charged with conspiracy, money laundering, theft, illegal control of an enterprise, forgery, and fraudulent schemes.

Frederick Arias

Arias was arrested a few days later in Kirkland, Washington. He was released on bond and failed to appear for a hearing.

A warrant was then issued for Arias' arrest.

Authorities say Arias has ties to or may visit Canada, Norway, Australia, the Czech Republic, and the Dominican Republic.

If you have any information, you're asked to call the FBI at 623-466-1999.

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