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Businessman In Texas Scam Nabbed In Florida

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DALLAS (AP) - A businessman on the run for months since his Dallas conviction in an investment scam has been caught in Florida.

Federal prosecutors on Thursday announced the arrest of 56-year-old Michael R. Rouse in the Fort Lauderdale, Fla., area.

Investigators say Rouse in April was convicted of multiple counts of conspiracy, securities fraud, mail fraud and money laundering over the Golden Gate Real Estate Investment Trust.

He was sentenced in July, in absentia, to more than 17 years in prison and ordered to repay $1.9 million to investors.

Authorities say Rouse and James A. Testa of Carrollton lost investment money, meant for real estate projects, in foreign currency trading.

Testa in 2009 pleaded guilty to money laundering. He was sentenced in August to seven years in prison and must make restitution.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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