Authorities arrest Philly trader, hip-hop promoter

Wed Oct 5, 2011 11:18am EDT

Oct 5 (Reuters) - U.S. authorities on Wednesday arrested Tyrone Gilliams, charging that the commodities trader and hip-hop promoter committed wire fraud.

The Philadelphia-based Gilliams, known for having promised his investors superior returns, has been charged in a $4 million scheme that involved trading in U.S Treasury Strips, according to the government's complaint.

Reuters profiled Gilliams in a Special Report in May that detailed allegations lodged by an Ohio businessman who had invested $4 million with Gilliams.[nN12284177] (Reporting by Matthew Goldstein, editing by Maureen Bavdek)