A Raleigh man has been indicted for securities fraud after federal authorities say he operated a Ponzi scheme that solicited $1.79 million from 377 people.

Michael Anthony Jenkins, owner and president of Harbor Light Asset Management, has also been charged with embezzlement and failure to register with the U.S. Commodity Futures Trading Commission.

The CFTC alleges Jenkins and his company operated the Ponzi scheme with the purpose of trading E-mini S&P 500 future contracts.