Santa Barbara resident John Peter Yunka, 56, was arrested Monday …

Santa Barbara resident John Peter Yunka, 56, was arrested Monday in Santa Barbara for his involvement with the promotion of investments that falsely promised extremely high returns with little or no risk to principal. Yunka falsely represented to prospective investors that he had access to certain offshore opportunities that paid yields ranging from 3 percent to 25 percent per month.

Yunka was indicted May 31, 2006, by a Federal Grand Jury in Los Angeles. Charges in the 27 count indictment include Wire and Mail Fraud, Money Laundering, the Making of a False Statement, and Aiding and Abetting. This investigation was conducted jointly by the Internal Revenue Service, Federal Bureau of Investigation and the Santa Barbara Sheriff’s Office.

Yunka is making his initial court appearance this afternoon in United States District Court in Los Angeles.

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