Alleged US Fraudster Arrested in Germany

A US citizen suspected of international fraud amounting to millions of euros (dollars) has been arrested in southern Germany, German magazine Der Spiegel reported in its Monday issue. Prosecutors suspect Frank Louis Palumbo, who operated in 63 countries, conned people into buying worthless securities. The money was collected by Goodmann Hart Associates, a company Palumbo directed with another American, Robert Carlin, investigators said. In 2003, a Belgian banking and finance commission referred to the company based in Spain's seaside resort of Marbella in a warning to bank customers about the purchase of securities that required prepayment of fees or deposits.