According to the Las Vegas Sun, William Willard and Richard Young convinced around 700 people to invest sums totalling $900,000 using false representations.
The pair, which operated Global One Group, Badie Inc and Malee Enterprises, claimed that investors in Global One could achieve a high rate of return on investment based on the sales of Global Trac, a software trading program.
However, the indictment alleges that the two men did not actually have the advertised software system and transferred the investor funds from Global One's accounts to Maelee Enterprises and Badie Inc for their own personal use.
The indictment also states that investors in Global One were charged an annual membership fee of $500 to access the firm's website, web-based seminars and conference calls, the newspaper reported.
According to Global One's website, the company specialises in foreign currency exchange trading programs.
It claims that individual investors, businesses and corporations are its main client base and clients are provided with market information on a daily basis.