Vance Moore II and Walter Netschi have been accused of orchestrating the fraud through the use of a number of automatic teller machines (ATMs) placed in shops and hotels around the country.
The pair are said to have attracted investors by telling them they would make money from the charges levied for use of the cash dispensers, but they instead used the cash to "further the fraudulent scheme and to enrich themselves" rather than purchase ATMs.
It is alleged that over the course of the scheme - which ran from 2005 until January 2008 - the pair told investors that collectively they had bought around 4,000 cash machines.
However, approximately 90% of these either did not exist or were not owned by Moore and Netschi.
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