Missouri man indicted in $2 million fraud scheme

ST. LOUIS -- A south-central Missouri man has been indicted by a federal grand jury for a fraud scheme that allegedly duped at least 24 investors of more than $2 million.

The indictment against 55-year-old Daniel Keith Steele of Rolla was announced Thursday. He is charged with mail fraud, four counts of wire fraud and two counts of engaging in unlawful monetary transactions using criminally derived property.

It wasn't immediately clear if Steele had an attorney.

The indictment alleges that Steele promised investors returns of up to nearly 29 percent per month. But prosecutors say he invested only a fraction of the money that he solicited in foreign currency markets, spending most of it on himself and his family.