WETHERSFIELD, Conn. -- A former Wethersfield resident has been charged with running a $20 million Ponzi scheme.

Michael Goldberg, 38, was arrested Monday by members of the FBI on a criminal complaint charging him with running a scheme to defraud investors of more than $20 million over about 12 years.

Goldberg appeared in court in Hartford Monday morning and was released on a $1 million bond.

According to court documents, Goldberg ran the investment business, Acquisitions Unlimited Group, from his former Wethersfield home. He is accused of telling prospective investors that he and his company were liquidating assets held by JP Morgan Chase. Goldberg allegedly convinced investors to give him and his company funds and promising up to 20 percent quarterly returns.

The state’s attorney’s office said Goldberg never had a relationship with Chase and that he only paid old investors with new investor funds.

According to court documents, between 1997 and 2009, more than 100 investors gave Goldberg more than $20 million.

The case against Goldberg was adjourned for three months to allow the government to investigate the alleged scheme.

The FBI wants people who believe they are victims of this Ponzi scheme to call them by dialing, 203-777-6311.