SAN DIEGO - A federal grand jury has indicted the founder of a Solana Beach-based foreign currency trading fund on multiple charges of mail fraud and wire fraud in connection with an alleged scheme to defraud investors out of more than $10 million.

The 10-page indictment filed Tuesday in U.S. District Court in San Diego alleges that Mark Todd Hauze induced people to invest retirement savings and other money with Universal Money Traders, a foreign currency trading fund he formed in 2002.

The indictment alleges that Hauze used a "substantial portion" of money from the fund's clients for his own personal benefit.

The indictment also alleges that Hauze provided false information to investors, including allegedly misrepresenting the fund's performance history and annual returns and telling investors that their accounts automatically would be shut down if their losses reached 50 percent of their initial account balance.

Federal prosecutors said in a news release that Hauze, 48, of Mililani, Hawaii, is expected to surrender to the FBI in San Diego sometime this week.