Baker is scheduled to be arraigned Monday, March 8, 2010, in Santa Ana. If convicted, Baker faces a maximum sentence of 32 years in state prison.
A Ponzi scheme is when investors are offered high, short-term returns on their investment. However, instead of the investments generating actual income, the suspect keeps the money, and uses part of it to pay off earlier investors.
Investigators say the Baker scheme included ten major investors.
