HARTFORD, Conn. — Authorities say a Wethersfield man is charged with running a 12-year scheme that defrauded investors of more than $20 million.

Thirty-eight-year-old Michael Goldberg was arrested Monday and appeared in U.S. District Court in Hartford, where he was released on $1 million bond.

Prosecutors say he falsely claimed his company, Acquisitions Unlimited Group, was liquidating assets held by JP Morgan Chase and that clients could get hefty returns by investing.

Authorities say he defrauded investors in Connecticut, New York, Florida, Arizona, California and Vermont. He is charged with using interstate wires to promote a fraudulent scheme and faces up to 20 years in prison if convicted.

A message was left Monday for Goldberg’s attorney, Richard Brown.