Frank Renick, president of Spectrum Pet Care, a Missouri, USA, petfood company, has been indicted in U.S. District Court in St. Louis on allegations of investment fraud.

Renick, of Montgomery City, Missouri, was arrested June 4 on three charges of mail fraud. According to prosecutors, Renick sold $7 million worth of investments in the company to more than 250 investors in Missouri and other locations.

Renick claimed the money would be used for equipment and fund operations, and instead used a portion of the funds to repay existing investors and for personal expenses, according to prosecutors.

In 2011, Renick was ordered out of business by Missouri Secretary of State Robin Carnahan, when Carnahan issued a cease-and-desist order.

Spectrum went into business in 1996, selling natural and organic petfood and treats.