"The greed and deception of this Ponzi scheme has resulted in the same way they have throughout history," said Daniel Brubaker, U.S. Postal Inspection Service inspector in charge.

A former Jefferies Financial Group Inc. hedge fund manager has been charged with fraud by federal prosecutors in New York for allegedly directing the purchase of nearly $100 million in bonds tied to a water-vending machine business.

An Everett man is now under federal indictment for an alleged Ponzi scheme that was described by an investor as “the largest franchise fraud case in the history of the United States,” according to a news release from the U.

Ryan Wear is accused of raising money from investors by selling them water vending machines that, in many cases, did not exist, the DOJ said.