November 20, 2012 (CENTERVILLE) _ The secretary of state’s office is charging a Centerville man in a ponzi scheme that allegedly defrauded investors of more than $1,000,000.

An administrative complaint seeks a cease and desist order against James Cruise, Jr. and his company The Austin Group.

William Galvin’s office claims Cruise created at least 10 entities used to funnel money from customers into a single account.

In testimony to regulators, Cruise admitted he used the money to pay his own bills – and to pay interest owed to an existing investor.

None of the promisory notes he issued were ever registered.