The 3 1/2 month investigation named "Operation Broken Trust" was organized by the Obama Administration.
"…aimed at those who seek to defraud investors with phony investment opportunities and other scams."
In Sacramento, U.S. Attorney Benjamin Wagner says at least 250 people in the area were defrauded of more than $31 million in 6 cases mostly involving real estate fraud.
Kevin Baker with the FBI says, during troubled economic times, they see a rise in the formation of bogus investment opportunities.
"…by unscrupulous individuals who capitalize on fear of the market resulting in guarantees of investments they could not get in the regular market."
Baker says going forward investigators expect to see an increase in investment frauds tied to green technologies and precious metals.