A Colorado man has been accused of running an investment-fraud scheme while still under investigation for an earlier securities-fraud case.

Hamilton Alan Bird, 46, of Colorado Springs is now in jail for the first fraud, in which he was connected with a hedge-fund scheme that defrauded about 350 people out of a total of about $7.5 million.

A new indictment charges that Bird operated a company called EquityFX Inc., an entity that promised high rates of return on foreign exchange trades.

Bird is alleged to have used much of the money invested by his customers to pay his own personal expenses and to pay out earlier investors.

He has been accused of using some of the money in the latest alleged fraud to pay off a lawyer who worked on the earlier case.