FRESNO, Calif. (KFSN) -- Authorities have arrested a Fresno businessman accused of defrauding investors and the government of more than $4.2 million.
Investigators say over the course of five years, 60-year-old Royce Newcomb operated a Ponzi scheme through his company, Strategic Innovations.
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The company received local and national attention for products meant to prevent package theft and weather damage.
Officials say Newcomb told investors he had been awarded a grant by the National Science Foundation while promising a return that did not happen.
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During the same time period, authorities say Newcomb also secured fraudulent COVID-19 funds.
If convicted, Newcomb faces 20 years in prison.