Former precious metals broker accused of fraud, theft

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PHOENIX (AP) -

An Arizona grand jury has indicted a former precious metals broker who allegedly stole more than $1 million from investors.

State prosecutors say Keith Bresee is facing 20 counts of theft and one count of fraudulent schemes.

He's scheduled to be arraigned on Tuesday. It's unclear if Bresee has a lawyer yet.

Bresee solicited clients at precious metals investment seminars held at hotels and restaurants in Arizona between August 2011 and March 2015.

Prosecutors say 19 victims invested with Bresee and many of them took money from their retirement savings to do so.

According to investigators, Bresee is accused of using his clients' money to fulfill other investment obligations to previous customers and pay his business and payroll expenses.

Prosecutors say many of the victims lost all of their investments.

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